Itochu (OTCMKTS:ITOCY) Shares Gap Down - What's Next?

Key Points

• Itochu shares opened sharply lower, falling from a prior close of $13.02 to $12.4946 before recovering slightly to $12.9460, down 0.7% in the latest trading.
• The company’s latest quarterly results were mixed: earnings of $0.26 per share missed estimates by $0.01, while revenue of $24.75 billion exceeded the $22.01 billion consensus forecast.
• Several institutional investors increased their Itochu holdings, but hedge funds and other institutions collectively own only 0.08% of the company.

Shares of Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $13.02, but opened at $12.4946. Itochu shares last traded at $12.9460, with a volume of 24,299 shares traded.

Itochu Trading Down 0.7%

The company's fifty day moving average is $11.91 and its two-hundred day moving average is $12.57. The company has a quick ratio of 0.99, a current ratio of 1.32 and a debt-to-equity ratio of 0.41. The stock has a market cap of $102.46 billion, a price-to-earnings ratio of 13.90 and a beta of 0.63.

Itochu (OTCMKTS:ITOCY - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). The business had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $22.01 billion. On average, research analysts predict that Itochu Corp. will post 0.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Itochu

Large investors have recently bought and sold shares of the business. Aristotle Capital Management LLC raised its stake in Itochu by 897.0% in the first quarter. Aristotle Capital Management LLC now owns 117,267 shares of the company's stock valued at $1,468,000 after buying an additional 105,505 shares in the last quarter. Confluence Investment Management LLC boosted its position in shares of Itochu by 1.1% during the 2nd quarter. Confluence Investment Management LLC now owns 103,063 shares of the company's stock worth $1,175,000 after acquiring an additional 1,159 shares in the last quarter. OLD National Bancorp IN increased its holdings in shares of Itochu by 898.1% in the 1st quarter. OLD National Bancorp IN now owns 15,551 shares of the company's stock valued at $193,000 after acquiring an additional 13,993 shares during the last quarter. Finally, Atlas Capital Advisors Inc. purchased a new position in shares of Itochu in the 4th quarter valued at about $279,000. Hedge funds and other institutional investors own 0.08% of the company's stock.

About Itochu

Itochu Corporation is a major Japanese trading company (sogo shosha) that operates a diversified global business spanning trading, investment and services. The company traces its roots to the 19th century and has evolved from a textile trading firm into a broad-based commercial and investment group. Its American Depositary Receipts trade over the counter under the symbol ITOCY.

Itochu conducts commodity and product trading across a wide range of sectors including textiles and apparel, machinery, metals and minerals, energy and chemicals, food and consumer products, information and communications technology, and real estate.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source