Itochu (OTCMKTS:ITOCY) Stock Crosses Below Fifty Day Moving Average – Here’s What Happened

Shares of Itochu Corp. (OTCMKTS:ITOCY) passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $12.63 and traded as low as $12.00. Itochu shares last traded at $12.19, with a volume of 1,096,406 shares traded.

Wall Street Analyst Weigh In

ITOCY has been the topic of a number of analyst reports. Daiwa Securities Group raised shares of Itochu to a “strong-buy” rating in a research note on Friday, February 27th. Nomura raised shares of Itochu to a “strong-buy” rating in a research note on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy”.

Itochu Stock Down 0.2%

The business’s 50 day moving average price is $12.63 and its 200-day moving average price is $45.90. The firm has a market capitalization of $96.60 billion, a PE ratio of 13.70 and a beta of 0.65. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.99 and a current ratio of 1.32.

Itochu (OTCMKTS:ITOCY) last released its quarterly earnings results on Friday, May 1st. The company reported $0.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $24.49 billion during the quarter, compared to analysts’ expectations of $28.52 billion. As a group, equities research analysts forecast that Itochu Corp. will post 0.44 earnings per share for the current year.

Institutional Investors Weigh In On Itochu

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Confluence Investment Management LLC raised its stake in shares of Itochu by 4.8% in the 4th quarter. Confluence Investment Management LLC now owns 9,827 shares of the company’s stock valued at $1,243,000 after acquiring an additional 446 shares during the period. GAMMA Investing LLC raised its stake in shares of Itochu by 21.8% in the 4th quarter. GAMMA Investing LLC now owns 2,881 shares of the company’s stock valued at $364,000 after acquiring an additional 516 shares during the period. OLD National Bancorp IN purchased a new stake in shares of Itochu in the 4th quarter valued at approximately $201,000. Atlas Capital Advisors Inc. purchased a new stake in shares of Itochu in the 4th quarter valued at approximately $279,000. Finally, Aristotle Capital Management LLC purchased a new stake in shares of Itochu in the 4th quarter valued at approximately $1,487,000. 0.08% of the stock is owned by hedge funds and other institutional investors.

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.