Itochu (OTCMKTS:ITOCY) Sees Strong Trading Volume – Here’s Why

Itochu Corp. (OTCMKTS:ITOCY) shares saw strong trading volume on Friday . 370,101 shares were traded during trading, an increase of 24% from the previous session’s volume of 299,010 shares.The stock last traded at $13.28 and had previously closed at $13.10.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ITOCY shares. The Goldman Sachs Group began coverage on shares of Itochu in a research report on Tuesday, January 6th. They set a “buy” rating for the company. Zacks Research raised Itochu to a “hold” rating in a research note on Monday. One research 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 currently has an average rating of “Moderate Buy”.

Itochu Stock Performance

The company has a market cap of $95.94 billion, a PE ratio of 14.19 and a beta of 0.69. The firm’s 50 day moving average is $104.17 and its 200-day moving average is $108.77. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.96 and a current ratio of 1.30.

Itochu (OTCMKTS:ITOCY) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $2.08 EPS for the quarter, missing the consensus estimate of $2.18 by ($0.10). The business had revenue of $24.06 billion for the quarter, compared to analyst estimates of $24.65 billion.

Hedge Funds Weigh In On Itochu

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Confluence Investment Management LLC boosted 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 purchasing an additional 446 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of 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. Salomon & Ludwin LLC grew its position in Itochu by 1,370.6% during the third quarter. Salomon & Ludwin LLC now owns 250 shares of the company’s stock valued at $29,000 after buying an additional 233 shares during the period. Finally, First Horizon Advisors Inc. grew its position 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 purchasing an additional 125 shares in the last quarter. 0.08% of the stock is owned by hedge funds and other institutional investors.

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.