ITOCHU (OTCMKTS: ITOCY) upgraded to buy by Zacks Investment Research

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ITOCHU (OTCMKTS: ITOCY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Wednesday, Zacks.com reports. The brokerage currently has a target price of $ 66.00 on the stock. Zacks Investment Research’s target price would indicate a potential rise of 11.51% from the stock’s previous close.

According to Zacks, “ITOCHU Corporation operates as a general trading company. It is involved in the domestic trade, import / export and overseas trade of various products such as textile, machinery, technology of information and communications, aerospace, electronics, energy, metals, minerals, chemicals, forest products, general merchandise, food, finance, real estate, insurance and logistics services, as well as business investment in Japan and abroad. ITOCHU Corporation is headquartered in Tokyo, Japan. “

Shares of OTCMKTS: ITOCY traded up $ 0.13 on Wednesday at noon, reaching $ 59.19. The company had a trade volume of 16,536 shares, compared to its average volume of 21,994. The company has a quick ratio of 0.96, a current ratio of 1.26, and a debt ratio of 0. 60. The company’s 50-day mobile average price is $ 61.20, and its 200-day mobile average price is $ 61.47. The stock has a market cap of $ 46.90 billion, a PE ratio of 8.27, a P / E / G ratio of 0.34, and a beta of 0.50. ITOCHU has a one-year low at $ 46.79 and a one-year high at $ 66.90.

ITOCHU (OTCMKTS: ITOCY) last reported its quarterly results on Wednesday August 4. The company reported earnings per share of $ 3.29 for the quarter, beating consensus analysts’ estimates of $ 2.03 by $ 1.26. ITOCHU had a return on equity of 14.86% and a net margin of 5.13%. On average, research analysts expect ITOCHU to post earnings per share of 9.43 for the current fiscal year.

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A number of institutional investors and hedge funds have recently changed their holdings in the company. FCA Corp TX acquired a new position in ITOCHU during the second quarter valued at approximately $ 230,000. Boston Private Wealth LLC purchased a new position in ITOCHU during the first quarter valued at approximately $ 359,000. The Kentucky State Teachers Retirement System increased its holdings in ITOCHU by 23.1% in the first quarter. The Kentucky State Teachers Retirement System now owns 274,370 shares of the company valued at $ 17,923,000 after purchasing an additional 51,570 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its stake in ITOCHU by 0.9% during the second quarter. Parametric Portfolio Associates LLC now owns 990,881 shares of the company valued at $ 57,005,000 after purchasing an additional 8,832 shares in the last quarter. 0.21% of the shares are currently held by hedge funds and other institutional investors.

ITOCHU Company Profile

ITOCHU Corp. is engaged in trade in products and business investment. It operates through the following segments: Textile; Machinery; Metals and Minerals; energy and chemicals; Food; ICT and real estate; and others. The Textile segment covers fibers, raw materials, textile fabrics, clothing and brand marketing activities.

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