Itochu (OTCMKTS:ITOCY) Shares Pass Below Two Hundred Day Moving Average - Here's Why

Key Points

• Itochu shares fell below their 200-day moving average during Friday trading, with the stock dipping as low as $12.81 and last trading at $12.85.
• Analysts remain generally bullish on the stock, with recent upgrades from Daiwa Securities Group and Nomura to strong-buy and a consensus rating of “Buy.”
• Recent earnings were mixed: Itochu matched EPS expectations at $0.18, but revenue of $24.49 billion came in below analyst forecasts.

Shares of Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $55.31 and traded as low as $12.81. Itochu shares last traded at $12.85, with a volume of 256,901 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ITOCY shares. Zacks Research upgraded Itochu to a "hold" rating in a research note on Monday, January 12th. Daiwa Securities Group upgraded Itochu to a "strong-buy" rating in a research report on Friday, February 27th. Finally, Nomura upgraded Itochu to a "strong-buy" rating in a research report on Wednesday, February 25th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Itochu currently has a consensus rating of "Buy".

Itochu Trading Up 1.8%

The stock has a 50-day moving average of $12.85 and a 200 day moving average of $55.31. The stock has a market cap of $101.83 billion, a PE ratio of 14.44 and a beta of 0.65. 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 issued its earnings results on Friday, May 1st. The company reported $0.18 EPS for the quarter, meeting analysts' consensus estimates of $0.18. The firm had revenue of $24.49 billion during the quarter, compared to analysts' expectations of $28.52 billion. As a group, sell-side analysts anticipate that Itochu Corp. will post 0.44 earnings per share for the current year.

Institutional Investors Weigh In On Itochu

Large investors have recently bought and sold shares of the company. OLD National Bancorp IN boosted its position in Itochu by 898.1% in the 1st quarter. OLD National Bancorp IN now owns 15,551 shares of the company's stock worth $193,000 after purchasing an additional 13,993 shares in the last quarter. Aristotle Capital Management LLC purchased a new stake in Itochu in the 4th quarter worth approximately $1,487,000. Confluence Investment Management LLC boosted its position in Itochu by 4.8% in 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 in the last quarter. GAMMA Investing LLC boosted its position in Itochu by 21.8% in the 4th quarter. GAMMA Investing LLC now owns 2,881 shares of the company's stock worth $364,000 after purchasing an additional 516 shares in the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new stake in Itochu in the 4th quarter worth approximately $279,000. Hedge funds and other institutional investors own 0.08% of the company's stock.

Itochu Company Profile

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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