Itochu (OTCMKTS:ITOCY) Shares Gap Down – Here’s Why

Itochu Corp. (OTCMKTS:ITOCY) shares gapped down before the market opened on Tuesday . The stock had previously closed at $14.66, but opened at $13.69. Itochu shares last traded at $14.0480, with a volume of 24,368 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Itochu in a research note on Tuesday, January 6th. They issued a “buy” rating on the stock. Zacks Research raised Itochu to a “hold” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

Itochu Stock Performance

The firm has a market cap of $112.34 billion, a P/E ratio of 15.08 and a beta of 0.69. 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 50-day moving average is $57.51 and its 200 day moving average is $94.70.

Hedge Funds Weigh In On Itochu

Institutional investors and hedge funds have recently modified their holdings of the business. Salomon & Ludwin LLC raised its holdings in 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 period. First Horizon Advisors Inc. boosted 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 valued at $48,000 after buying an additional 125 shares during the period. OLD National Bancorp IN bought a new stake in shares of Itochu during the fourth quarter worth $201,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Itochu during the fourth quarter worth $279,000. Finally, GAMMA Investing LLC lifted its position in Itochu by 21.7% in the 3rd quarter. GAMMA Investing LLC now owns 2,365 shares of the company’s stock valued at $272,000 after acquiring an additional 421 shares in the last quarter. 0.08% of the stock is currently owned by institutional investors and hedge funds.

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.