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

Itochu Corp. (OTCMKTS:ITOCY) shares gapped up prior to trading on Wednesday . The stock had previously closed at $13.08, but opened at $13.55. Itochu shares last traded at $13.16, with a volume of 24,359 shares changing hands.

Analyst Ratings Changes

ITOCY has been the topic of several research reports. Zacks Research raised shares of Itochu to a “hold” rating in a report on Monday, January 12th. Daiwa Securities Group raised shares of Itochu to a “strong-buy” rating in a research note on Friday, February 27th. Nomura raised shares of Itochu to a “strong-buy” rating in a research note on Wednesday, February 25th. Finally, The Goldman Sachs Group initiated coverage on shares of Itochu in a report on Tuesday, January 6th. They set a “buy” rating for the company. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Itochu has an average rating of “Buy”.

Itochu Stock Up 0.6%

The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.96 and a current ratio of 1.30. The stock’s fifty day simple moving average is $13.41 and its two-hundred day simple moving average is $80.50. The stock has a market capitalization of $104.29 billion, a P/E ratio of 14.00 and a beta of 0.67.

Institutional Trading of Itochu

A number of institutional investors and hedge funds have recently bought and sold shares of ITOCY. Confluence Investment Management LLC raised its position in Itochu by 4.8% during the 4th quarter. Confluence Investment Management LLC now owns 9,827 shares of the company’s stock worth $1,243,000 after purchasing an additional 446 shares during the last quarter. Atlas Capital Advisors Inc. bought a new stake in shares of Itochu in the 4th quarter valued at about $279,000. Aristotle Capital Management LLC bought a new stake in shares of Itochu in the 4th quarter valued at about $1,487,000. OLD National Bancorp IN acquired a new stake in shares of Itochu in the fourth quarter valued at about $201,000. Finally, GAMMA Investing LLC increased 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 during the period. 0.08% of the stock is currently owned by institutional investors and hedge funds.

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.