Itochu (OTCMKTS:ITOCY) Shares Pass Below 200 Day Moving Average – Here’s Why

Itochu Corp. (OTCMKTS:ITOCY)’s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $50.29 and traded as low as $12.55. Itochu shares last traded at $12.66, with a volume of 343,139 shares traded.

Analysts Set New Price Targets

Several equities research analysts have commented on ITOCY shares. Daiwa Securities Group upgraded shares of Itochu to a “strong-buy” rating in a research report on Friday, February 27th. Nomura raised Itochu to a “strong-buy” rating in a research report on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy”.

Itochu Stock Down 0.5%

The company has a current ratio of 1.30, a quick ratio of 0.96 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $98.03 billion, a price-to-earnings ratio of 13.90 and a beta of 0.65. The stock has a fifty day moving average of $12.69 and a 200-day moving average of $48.85.

Itochu (OTCMKTS:ITOCY) last issued its earnings results on Friday, May 1st. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $24.49 billion for the quarter, compared to analyst estimates of $28.52 billion. As a group, sell-side analysts expect that Itochu Corp. will post 0.44 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. OLD National Bancorp IN increased its holdings in Itochu by 898.1% in the first quarter. OLD National Bancorp IN now owns 15,551 shares of the company’s stock valued at $193,000 after purchasing an additional 13,993 shares during the last quarter. Atlas Capital Advisors Inc. bought a new position in shares of Itochu during the 4th quarter worth approximately $279,000. GAMMA Investing LLC grew its stake in shares of Itochu by 21.8% in the fourth quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock valued at $364,000 after buying an additional 516 shares in the last quarter. Confluence Investment Management LLC increased its position in Itochu by 4.8% during the fourth quarter. Confluence Investment Management LLC now owns 9,827 shares of the company’s stock worth $1,243,000 after buying an additional 446 shares during the last quarter. Finally, Aristotle Capital Management LLC raised its position in shares of Itochu by 897.0% in the first quarter. Aristotle Capital Management LLC now owns 117,267 shares of the company’s stock valued at $1,468,000 after purchasing an additional 105,505 shares during the period. Institutional investors and hedge funds own 0.08% of the company’s stock.

Itochu Company Profile

Itochu Corporation is a major Japanese trading company (sogo shosha) that operates a diversified global business spanning trading, investment and services. The company traces its roots to the 19th century and has evolved from a textile trading firm into a broad-based commercial and investment group. Its American Depositary Receipts trade over the counter under the symbol ITOCY.

Itochu conducts commodity and product trading across a wide range of sectors including textiles and apparel, machinery, metals and minerals, energy and chemicals, food and consumer products, information and communications technology, and real estate.