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

Itochu Corp. (OTCMKTS:ITOCY) gapped down before the market opened on Tuesday . The stock had previously closed at $11.61, but opened at $11.10. Itochu shares last traded at $11.52, with a volume of 184,772 shares changing hands.

Wall Street Analyst Weigh In

ITOCY has been the subject of a number of analyst reports. Daiwa Securities Group upgraded shares of Itochu to a “strong-buy” rating in a report on Friday, February 27th. Nomura upgraded shares of Itochu to a “strong-buy” rating in a report on Wednesday, February 25th. Two investment 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’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy”.

Itochu Trading Down 0.1%

The firm has a market capitalization of $90.26 billion, a PE ratio of 12.80 and a beta of 0.62. The firm’s fifty day moving average is $12.40 and its two-hundred day moving average is $37.47. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.32 and a quick ratio of 0.99.

Itochu (OTCMKTS:ITOCY) last released its quarterly earnings results on Friday, May 1st. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. The firm had revenue of $24.49 billion for the quarter, compared to analysts’ expectations of $28.52 billion. On average, equities analysts predict that Itochu Corp. will post 0.86 EPS for the current fiscal year.

Institutional Trading of Itochu

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

About Itochu

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.