Itochu (OTCMKTS:ITOCY) Shares Gap Down - Here's Why

Key Points

• Itochu Corp. shares gapped down from a closing price of $113.34 to an opening price of $109.01 before trading at $114.00, with a volume of 1,658 shares traded.
• The company reported $2.78 EPS for the recent quarter, missing analysts' estimates by $0.25, with revenue at $23.65 billion compared to expectations of $27.22 billion.
• Large investors significantly increased their holdings, with GAMMA Investing LLC boosting its position by 6,003.3%, acquiring 99,354 additional shares during the first quarter.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $113.34, but opened at $109.01. Itochu shares last traded at $114.00, with a volume of 1,658 shares traded.

Itochu Price Performance

The stock has a market cap of $82.17 billion, a PE ratio of 14.91 and a beta of 0.75. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.29 and a quick ratio of 0.95. The firm's 50 day moving average price is $112.38 and its two-hundred day moving average price is $104.47.

Itochu (OTCMKTS:ITOCY - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The company reported $2.78 EPS for the quarter, missing analysts' consensus estimates of $3.03 by ($0.25). The firm had revenue of $23.65 billion for the quarter, compared to the consensus estimate of $27.22 billion.

Hedge Funds Weigh In On Itochu

Large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Itochu by 6,003.3% in the first quarter. GAMMA Investing LLC now owns 101,009 shares of the company's stock valued at $9,395,000 after acquiring an additional 99,354 shares during the period. Confluence Investment Management LLC boosted its position in shares of Itochu by 1.4% in the second quarter. Confluence Investment Management LLC now owns 8,636 shares of the company's stock valued at $904,000 after acquiring an additional 120 shares during the period. Finally, First Horizon Advisors Inc. boosted its position in shares of 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 acquiring an additional 125 shares during the period. 0.08% of the stock is currently 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.

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