Itochu Corp. (OTCMKTS:ITOCY) Sees Significant Growth in Short Interest

Key Points

• Itochu Corp. experienced a significant increase in short interest, rising by 220.4% in August to 34,600 shares, with a short-interest ratio of 0.7 days.
• Several hedge funds have recently increased their holdings in Itochu, with First Horizon Advisors growing their position by 38% and GAMMA Investing LLC by 79% in the second quarter.
• The company's latest earnings report showed an EPS of $2.78, missing expectations, with revenue of $23.65 billion compared to a consensus estimate of $27.22 billion.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 34,600 shares, an increase of 220.4% from the August 15th total of 10,800 shares. Currently, 0.0% of the company's shares are sold short. Based on an average daily volume of 51,700 shares, the days-to-cover ratio is presently 0.7 days. Based on an average daily volume of 51,700 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.0% of the company's shares are sold short.

Institutional Investors Weigh In On Itochu

Several hedge funds have recently made changes to their positions in ITOCY. GAMMA Investing LLC lifted its holdings 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 worth $9,395,000 after buying an additional 99,354 shares during the period. Confluence Investment Management LLC lifted its holdings in shares of Itochu by 2.5% in the 1st quarter. Confluence Investment Management LLC now owns 8,516 shares of the company's stock worth $792,000 after buying an additional 204 shares during the period. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Itochu by 38.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 454 shares of the company's stock worth $48,000 after buying an additional 125 shares during the period. 0.08% of the stock is currently owned by hedge funds and other institutional investors.

Itochu Trading Down 0.4%

Itochu stock traded down $0.45 during mid-day trading on Wednesday, hitting $116.10. The company's stock had a trading volume of 20,520 shares, compared to its average volume of 26,843. The company has a 50 day moving average of $109.71 and a 200-day moving average of $102.64. The stock has a market cap of $83.53 billion, a PE ratio of 15.16 and a beta of 0.75. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.95 and a current ratio of 1.29. Itochu has a one year low of $79.12 and a one year high of $121.59.

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

About Itochu

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.