Itochu (OTCMKTS:ITOCY) Shares Gap Up – Should You Buy?

Itochu Corp. (OTCMKTS:ITOCY)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $13.08, but opened at $13.55. Itochu shares last traded at $13.16, with a volume of 24,359 shares.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ITOCY shares. Nomura raised shares of Itochu to a “strong-buy” rating in a research report on Wednesday, February 25th. The Goldman Sachs Group began coverage on shares of Itochu in a research report on Tuesday, January 6th. They issued a “buy” rating on the stock. Daiwa Securities Group raised shares of Itochu to a “strong-buy” rating in a research note on Friday, February 27th. Finally, Zacks Research raised shares of Itochu to a “hold” rating in a research note on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Itochu presently has a consensus rating of “Buy”.

Itochu Trading Up 0.6%

The stock has a market capitalization of $104.29 billion, a PE ratio of 14.00 and a beta of 0.67. 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 firm has a 50 day moving average price of $13.41 and a 200 day moving average price of $80.50.

Institutional Trading of Itochu

Institutional investors have recently made changes to their positions in the company. Salomon & Ludwin LLC grew its stake in shares of Itochu by 1,370.6% in the 3rd quarter. Salomon & Ludwin LLC now owns 250 shares of the company’s stock worth $29,000 after acquiring an additional 233 shares in the last quarter. OLD National Bancorp IN bought a new position in shares of Itochu during the fourth quarter valued at about $201,000. Atlas Capital Advisors Inc. purchased a new position in Itochu during the fourth quarter worth about $279,000. GAMMA Investing LLC boosted its holdings in Itochu by 21.7% during the third quarter. GAMMA Investing LLC now owns 2,365 shares of the company’s stock worth $272,000 after purchasing an additional 421 shares during the last quarter. Finally, Confluence Investment Management LLC grew its position in Itochu by 8.6% in the 3rd quarter. Confluence Investment Management LLC now owns 9,381 shares of the company’s stock worth $1,080,000 after purchasing an additional 745 shares in the last quarter. Institutional investors own 0.08% of the company’s stock.

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.