Itochu (OTCMKTS:ITOCY) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Unusually-high trading volume: Approximately 370,101 shares traded mid-day (a 24% increase from the prior session), with the stock around $13.28 and up about 1.8%.
• Analyst sentiment is mixed but tilted positive: Goldman Sachs initiated coverage with a "Buy" while Zacks rates it "Hold," giving a MarketBeat consensus of "Moderate Buy" (one Buy, one Hold).
• Earnings and ownership note: Itochu missed estimates in its last quarter (EPS $2.08 vs. $2.18 expected; revenue $24.06B vs. $24.65B expected), and institutional/hedge fund ownership is very low at about 0.08%.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) saw unusually-strong trading volume on Friday . Approximately 370,101 shares changed hands during mid-day trading, an increase of 24% from the previous session's volume of 299,010 shares.The stock last traded at $13.28 and had previously closed at $13.10.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ITOCY. The Goldman Sachs Group started coverage on shares of Itochu in a research note on Tuesday, January 6th. They set a "buy" rating on the stock. Zacks Research raised shares of Itochu to a "hold" rating in a research report on Monday. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy".

Itochu Trading Up 1.8%

The business's fifty day moving average price is $104.17 and its 200 day moving average price is $108.77. The firm has a market capitalization of $95.94 billion, a PE ratio of 14.19 and a beta of 0.69. The company has a quick ratio of 0.96, a current ratio of 1.30 and a debt-to-equity ratio of 0.41.

Itochu (OTCMKTS:ITOCY - Get Free Report) last released its earnings results on Wednesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing the consensus estimate of $2.18 by ($0.10). The firm had revenue of $24.06 billion for the quarter, compared to the consensus estimate of $24.65 billion.

Institutional Trading of Itochu

Hedge funds have recently modified their holdings of the company. Salomon & Ludwin LLC boosted its stake in shares of Itochu by 1,370.6% during the 3rd quarter. Salomon & Ludwin LLC now owns 250 shares of the company's stock worth $29,000 after buying an additional 233 shares during the last quarter. First Horizon Advisors Inc. lifted its holdings in shares of Itochu by 38.0% in the second quarter. First Horizon Advisors Inc. now owns 454 shares of the company's stock worth $48,000 after acquiring an additional 125 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Itochu by 79.0% during the second quarter. GAMMA Investing LLC now owns 1,944 shares of the company's stock valued at $204,000 after purchasing an additional 858 shares in the last quarter. Finally, Confluence Investment Management LLC boosted its holdings 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. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.