Short Interest in Itochu Corp. (OTCMKTS:ITOCY) Declines By 51.8%

Key Points

• Short interest in Itochu Corp. decreased by 51.8% in July, falling from 19,300 shares to 9,300 shares, indicating less bearish sentiment towards the stock.
• Institutional investors have been actively adjusting their stakes in Itochu, with notable increases from Confluence Investment Management, First Horizon Advisors, and GAMMA Investing.
• Despite reporting earnings per share (EPS) of $2.78 for the quarter, Itochu missed analysts' expectations of $3.03 and reported revenue of $23.65 billion, below the estimate of $27.22 billion.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) saw a significant decrease in short interest in the month of July. As of July 31st, there was short interest totaling 9,300 shares, adecreaseof51.8% from the July 15th total of 19,300 shares. Approximately0.0% of the shares of the company are sold short. Based on an average daily volume of 79,100 shares, the days-to-cover ratio is currently 0.1 days. Based on an average daily volume of 79,100 shares, the days-to-cover ratio is currently 0.1 days. Approximately0.0% of the shares of the company are sold short.

Itochu Stock Performance

Shares of ITOCY traded down $0.89 during trading hours on Wednesday, hitting $111.47. The company had a trading volume of 18,887 shares, compared to its average volume of 62,348. The firm has a market cap of $80.20 billion, a price-to-earnings ratio of 14.55 and a beta of 0.81. The business has a fifty day moving average of $105.12 and a 200-day moving average of $98.68. Itochu has a 12 month low of $79.12 and a 12 month high of $116.50. The company has a quick ratio of 0.95, a current ratio of 1.28 and a debt-to-equity ratio of 0.43.

Itochu (OTCMKTS:ITOCY - Get Free Report) last issued its quarterly earnings data on Friday, August 1st. The company reported $2.78 earnings per share for the quarter, missing the consensus estimate of $3.03 by ($0.25). Itochu had a net margin of 5.93% and a return on equity of 13.99%. The company had revenue of $23.65 billion during the quarter, compared to the consensus estimate of $27.22 billion.

Hedge Funds Weigh In On Itochu

Hedge funds have recently bought and sold shares of the company. Confluence Investment Management LLC increased its holdings in Itochu by 2.5% in the 1st quarter. Confluence Investment Management LLC now owns 8,516 shares of the company's stock valued at $792,000 after buying an additional 204 shares during the period. GAMMA Investing LLC boosted its stake in shares of Itochu by 6,003.3% in the 1st quarter. GAMMA Investing LLC now owns 101,009 shares of the company's stock valued at $9,395,000 after purchasing an additional 99,354 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its stake in shares of Itochu by 38.0% in the 2nd 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 institutional investors.

Itochu Company Profile

ITOCHU Corporation engages in trading and importing/exporting various products worldwide. The company's Textile segment produces and sells raw materials, threads, and textiles; and garments, home furnishings, and industrial materials, as well as trades in industrial textile and lifestyle products. Its Machinery segment engages in the plants, bridges, railways, and other infrastructure; power generation, transmission, transformation, and sale; water, environment and waste-related; ship trading; renewable and alternative energy; and waste recycling businesses.