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

Key Points

• Itochu shares opened lower, falling from the prior close of $14.91 to $14.40 before recovering slightly to $14.60 in trading.
• The company’s latest quarterly results were mixed: EPS of $0.26 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 institutional ownership remains very low at just 0.08% of outstanding shares.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report)'s stock price gapped down prior to trading on Friday . The stock had previously closed at $14.91, but opened at $14.40. Itochu shares last traded at $14.60, with a volume of 24,798 shares changing hands.

Itochu Price Performance

The stock has a market capitalization of $116.17 billion, a PE ratio of 15.76 and a beta of 0.63. The business's 50-day moving average price is $13.04 and its 200 day moving average price is $12.58. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.02 and a current ratio of 1.35.

Itochu (OTCMKTS:ITOCY - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01). The company had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $22.01 billion. Research analysts forecast that Itochu Corp. will post 0.92 earnings per share for the current year.

Institutional Trading of Itochu

A number of large investors have recently modified their holdings of the business. OLD National Bancorp IN increased its position in shares of Itochu by 898.1% in the first quarter. OLD National Bancorp IN now owns 15,551 shares of the company's stock worth $193,000 after purchasing an additional 13,993 shares during the last quarter. Atlas Capital Advisors Inc. bought a new stake in Itochu during the fourth quarter valued at approximately $279,000. Confluence Investment Management LLC lifted its position in Itochu by 1.1% during the second quarter. Confluence Investment Management LLC now owns 103,063 shares of the company's stock valued at $1,175,000 after purchasing an additional 1,159 shares during the last quarter. Finally, Aristotle Capital Management LLC grew its stake in Itochu by 897.0% in the 1st quarter. Aristotle Capital Management LLC now owns 117,267 shares of the company's stock worth $1,468,000 after buying an additional 105,505 shares in the last quarter. Institutional investors own 0.08% of the company's stock.

About Itochu

Itochu Corporation is a diversified Japanese general trading company, or sogo shosha, that develops and manages businesses across multiple industries. The company is involved in the sourcing, distribution, financing and investment of products and services through global supply chains.

Its principal business areas include textiles; metals and minerals; food; machinery; energy and chemicals; general products and real estate; and information, communications and financial services. Its activities range from apparel and food distribution to infrastructure, industrial equipment, natural resources, consumer products, logistics, information technology and financial solutions.

Founded in 1858 by Chubei Itoh as a textile-trading business, Itochu has expanded into an international enterprise with operations and business partners in Japan and markets throughout Asia, North America, Europe and other regions.

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