Itochu (OTCMKTS:ITOCY) Shares Gap Down - Here's Why

Key Points

• Itochu shares gapped down pre-market, opening at $12.16 after a prior close of $12.54, with the stock last trading around $12.55 on a volume of 76,358 shares.
• Analyst sentiment is positive overall: Daiwa and Nomura upgraded to "strong-buy", Goldman Sachs initiated coverage at "buy", and Zacks rates it "hold", giving an average rating of Buy.
• The company has a market cap of about $99.25 billion and a P/E of 13.32, with a 50-day moving average near $13.33 and unusually low reported institutional ownership at ~0.08%.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $12.54, but opened at $12.16. Itochu shares last traded at $12.55, with a volume of 76,358 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Daiwa Securities Group upgraded shares of Itochu to a "strong-buy" rating in a report on Friday, February 27th. Zacks Research upgraded shares of Itochu to a "hold" rating in a report on Monday, January 12th. Nomura upgraded shares of Itochu to a "strong-buy" rating in a report on Wednesday, February 25th. Finally, The Goldman Sachs Group assumed 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 given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy".

Itochu Trading Down 0.1%

The firm has a market capitalization of $99.25 billion, a PE ratio of 13.32 and a beta of 0.70. The company has a quick ratio of 0.96, a current ratio of 1.30 and a debt-to-equity ratio of 0.41. The business's fifty day moving average price is $13.33 and its 200 day moving average price is $65.51.

Institutional Investors Weigh In On Itochu

Several hedge funds have recently modified their holdings of the stock. Aristotle Capital Management LLC acquired a new stake in shares of Itochu in the fourth quarter worth approximately $1,487,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Itochu in the fourth quarter worth approximately $279,000. OLD National Bancorp IN acquired a new stake in shares of Itochu in the fourth quarter worth approximately $201,000. Confluence Investment Management LLC boosted its position in shares of 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 last quarter. Finally, GAMMA Investing LLC boosted its position in shares of 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 last quarter. 0.08% of the stock is 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.

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