Itochu (OTCMKTS:ITOCY) Shares Gap Up – What’s Next?

Shares of Itochu Corp. (OTCMKTS:ITOCY) gapped up before the market opened on Friday . The stock had previously closed at $12.41, but opened at $13.17. Itochu shares last traded at $12.5825, with a volume of 6,625 shares.

Analyst Ratings Changes

Several analysts have recently issued reports on ITOCY shares. The Goldman Sachs Group started coverage on shares of Itochu in a research report on Tuesday, January 6th. They issued a “buy” rating on the stock. Nomura raised shares of Itochu to a “strong-buy” rating in a research note on Wednesday, February 25th. Daiwa Securities Group upgraded Itochu to a “strong-buy” rating in a report on Friday, February 27th. Finally, Zacks Research upgraded Itochu to a “hold” rating in a research note on Monday, January 12th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, Itochu currently has a consensus rating of “Buy”.

Itochu Trading Up 1.8%

The stock has a market capitalization of $100.12 billion, a PE ratio of 13.44 and a beta of 0.70. 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 company’s 50 day moving average price is $12.94 and its two-hundred day moving average price is $58.13.

Itochu (OTCMKTS:ITOCY) last issued its earnings results on Friday, May 1st. The company reported $0.18 earnings per share for the quarter, hitting the consensus estimate of $0.18. As a group, analysts expect that Itochu Corp. will post 0.41 earnings per share for the current year.

Institutional Trading of Itochu

Several institutional investors have recently made changes to their positions in ITOCY. Salomon & Ludwin LLC increased its stake in Itochu by 1,370.6% during the third quarter. Salomon & Ludwin LLC now owns 250 shares of the company’s stock worth $29,000 after acquiring an additional 233 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Itochu by 21.8% in the 4th quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock valued at $364,000 after purchasing an additional 516 shares during the last quarter. Confluence Investment Management LLC lifted its stake in shares of Itochu by 4.8% in the 4th quarter. Confluence Investment Management LLC now owns 9,827 shares of the company’s stock valued at $1,243,000 after purchasing an additional 446 shares during the last quarter. OLD National Bancorp IN purchased a new position in shares of Itochu during the 4th quarter worth $201,000. Finally, Atlas Capital Advisors Inc. acquired a new stake in shares of Itochu during the 4th quarter worth about $279,000. Hedge funds and other 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.