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

Itochu Corp. (OTCMKTS:ITOCY)’s share 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 Price Performance

The stock has a market cap of $86.19 billion, a P/E ratio of 12.87 and a beta of 0.71. The business has a 50 day simple moving average of $118.42 and a 200-day simple moving average of $112.37. 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 issued its quarterly earnings results on Wednesday, November 5th. The company reported $2.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.10). The company had revenue of $24.06 billion for the quarter, compared to the consensus estimate of $24.65 billion.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ITOCY. Salomon & Ludwin LLC grew its holdings 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 purchasing an additional 233 shares during the period. First Horizon Advisors Inc. lifted its position in shares of Itochu by 38.0% during the 2nd 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 last quarter. GAMMA Investing LLC grew its stake in shares of Itochu by 79.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,944 shares of the company’s stock worth $204,000 after acquiring an additional 858 shares during the period. Finally, Confluence Investment Management LLC increased its holdings in Itochu by 1.4% in the 2nd quarter. Confluence Investment Management LLC now owns 8,636 shares of the company’s stock worth $904,000 after acquiring an additional 120 shares during the last quarter. 0.08% of the stock is owned by 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.