Itochu (OTCMKTS:ITOCY) Shares Gap Down – Here’s What Happened

Itochu Corp. (OTCMKTS:ITOCY)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $12.54, but opened at $12.16. Itochu shares last traded at $12.55, with a volume of 76,358 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Daiwa Securities Group upgraded shares of Itochu to a “strong-buy” rating in a research note on Friday, February 27th. Zacks Research upgraded shares of Itochu to a “hold” rating in a research note on Monday, January 12th. Nomura upgraded shares of Itochu to a “strong-buy” rating in a research note on Wednesday, February 25th. Finally, The Goldman Sachs Group assumed coverage on shares of Itochu in a research note on Tuesday, January 6th. They set a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy”.

Itochu Trading Up 0.6%

The company has a debt-to-equity ratio of 0.41, a current ratio of 1.30 and a quick ratio of 0.96. The business’s 50 day moving average is $13.31 and its 200 day moving average is $64.42. The stock has a market cap of $100.24 billion, a price-to-earnings ratio of 13.46 and a beta of 0.70.

Institutional Investors Weigh In On Itochu

A number of institutional investors and hedge funds have recently bought and sold shares of ITOCY. Aristotle Capital Management LLC purchased a new stake in Itochu in the fourth quarter valued at $1,487,000. Atlas Capital Advisors Inc. purchased a new stake in Itochu in the fourth quarter valued at $279,000. OLD National Bancorp IN purchased a new stake in Itochu in the fourth quarter valued at $201,000. Confluence Investment Management LLC lifted its position in Itochu by 8.6% in the third quarter. Confluence Investment Management LLC now owns 9,381 shares of the company’s stock valued at $1,080,000 after acquiring an additional 745 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in 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 acquiring an additional 516 shares during the last quarter. 0.08% of the stock is owned by hedge funds and other institutional investors.

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.