Itochu (OTCMKTS:ITOCY) Share Price Passes Above 50-Day Moving Average - What's Next?

Key Points

• Itochu Corp. shares have surpassed their 50-day moving average, trading at $115.73 with a market cap of $83.27 billion.
• The company reported $2.78 earnings per share for the last quarter, falling short of the analysts' expectation of $3.03, with revenue of $23.65 billion compared to an estimated $27.22 billion.
• Hedge funds have made notable adjustments to their positions in Itochu, with Confluence Investment Management and GAMMA Investing LLC significantly increasing their stakes during the first quarter.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) shares passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $106.97 and traded as high as $115.77. Itochu shares last traded at $115.73, with a volume of 41,862 shares trading hands.

Itochu Price Performance

The company has a market cap of $83.27 billion, a PE ratio of 15.11 and a beta of 0.75. The company has a quick ratio of 0.95, a current ratio of 1.29 and a debt-to-equity ratio of 0.44. The firm has a 50 day simple moving average of $106.97 and a 200-day simple moving average of $100.33.

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

Hedge Funds Weigh In On Itochu

Large investors have recently made changes to their positions in the business. Confluence Investment Management LLC boosted its position 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 purchasing an additional 204 shares in the last quarter. GAMMA Investing LLC increased its position in Itochu by 6,003.3% during the 1st quarter. GAMMA Investing LLC now owns 101,009 shares of the company's stock valued at $9,395,000 after buying an additional 99,354 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its stake in Itochu by 38.0% in 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 last quarter. 0.08% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.