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

Key Points

• Itochu Corp. shares gapped down from a previous close of $117.89 to open at $113.11, with a trading volume of 1,285 shares.
• The company reported earnings of $2.78 per share for the last quarter, falling short of analysts' expectations of $3.03, with revenues of $23.65 billion versus an estimated $27.22 billion.
• Institutional investors have increased their stakes in Itochu, with First Horizon Advisors raising its position by 38% and GAMMA Investing LLC increasing its holdings by 79% in the second quarter.

Shares of Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $117.89, but opened at $113.11. Itochu shares last traded at $117.89, with a volume of 1,285 shares trading hands.

Itochu Trading Up 0.9%

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 has a 50-day moving average of $110.27 and a 200-day moving average of $103.18.

Itochu (OTCMKTS:ITOCY - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The company reported $2.78 earnings per share (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%.

Institutional Investors Weigh In On Itochu

Several hedge funds and other institutional investors have recently modified their holdings of the stock. First Horizon Advisors Inc. increased 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 worth $48,000 after purchasing an additional 125 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Itochu by 79.0% during the 2nd quarter. GAMMA Investing LLC now owns 1,944 shares of the company's stock valued at $204,000 after purchasing an additional 858 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its holdings in shares of Itochu by 1.4% during the 2nd quarter. Confluence Investment Management LLC now owns 8,636 shares of the company's stock valued at $904,000 after purchasing an additional 120 shares during the last quarter. 0.08% of the stock is currently owned by hedge funds and other institutional investors.

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.