Itochu (OTCMKTS:ITOCY) Shares Pass Above 50 Day Moving Average – What’s Next?

Itochu Corp. (OTCMKTS:ITOCY)’s stock price crossed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $118.42 and traded as high as $119.8975. Itochu shares last traded at $119.80, with a volume of 26,836 shares traded.

Itochu Stock Down 0.7%

The stock has a market capitalization of $86.19 billion, a P/E ratio of 12.87 and a beta of 0.71. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.30 and a quick ratio of 0.96. The stock has a fifty day moving average price of $118.42 and a 200 day moving average price of $112.37.

Itochu (OTCMKTS:ITOCY) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $2.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.10). The company had revenue of $24.06 billion during the quarter, compared to analyst estimates of $24.65 billion.

Hedge Funds Weigh In On Itochu

Hedge funds have recently bought and sold shares of the company. Salomon & Ludwin LLC increased 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 acquiring an additional 233 shares during the period. Confluence Investment Management LLC grew its position in shares of Itochu by 8.6% during the 3rd quarter. Confluence Investment Management LLC now owns 9,381 shares of the company’s stock valued at $1,080,000 after purchasing an additional 745 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Itochu by 21.7% in the third quarter. GAMMA Investing LLC now owns 2,365 shares of the company’s stock worth $272,000 after buying an additional 421 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in Itochu by 38.0% during 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. 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.