Itochu (OTCMKTS:ITOCY) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Itochu from “hold” to “strong buy,” signaling a more bullish outlook for the stock.
• Itochu shares opened at $13.74 and were down 1.4%, with the stock trading between a 12-month range of $10.75 and $15.44. The company reported quarterly revenue of $24.75 billion, exceeding estimates, though EPS of $0.26 fell slightly short of expectations.
• Institutional ownership remains limited at 0.08%, although several investment firms—including OLD National Bancorp and Aristotle Capital Management—significantly increased their positions.

Itochu (OTCMKTS:ITOCY - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

Itochu Trading Down 1.4%

ITOCY opened at $13.74 on Monday. The stock has a market capitalization of $108.88 billion, a P/E ratio of 14.77 and a beta of 0.63. Itochu has a 12 month low of $10.75 and a 12 month high of $15.44. The firm's fifty day simple moving average is $13.64 and its 200 day simple moving average is $12.67. The company has a current ratio of 1.35, a quick ratio of 1.02 and a debt-to-equity ratio of 0.46.

Itochu (OTCMKTS:ITOCY - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). The firm had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $22.01 billion. As a group, research analysts anticipate that Itochu will post 0.92 EPS for the current fiscal year.

Institutional Trading of Itochu

Hedge funds have recently added to or reduced their stakes in the company. Atlas Capital Advisors Inc. acquired a new position in shares of Itochu during the 4th quarter worth approximately $279,000. OLD National Bancorp IN raised its position in shares of 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 buying an additional 13,993 shares in the last quarter. Confluence Investment Management LLC boosted its stake in shares of Itochu by 1.1% in the second quarter. Confluence Investment Management LLC now owns 103,063 shares of the company's stock valued at $1,175,000 after buying an additional 1,159 shares during the period. Finally, Aristotle Capital Management LLC boosted its stake 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 buying an additional 105,505 shares during the period. 0.08% of the stock is owned by institutional investors and hedge funds.

Itochu Company Profile

Itochu Corporation is a Japan-based general trading company with business activities spanning a broad range of industries and geographies. The company develops, imports, exports and distributes products while also investing in businesses and providing related services through its global network.

Itochu's principal operations include textiles, food, metals and minerals, energy and chemicals, machinery, general products and real estate, as well as financial services and information and communications technology.

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