Short Interest in Itochu Corp. (OTCMKTS:ITOCY) Drops By 66.5%

Key Points

• Short interest in Itochu Corp. dropped by 66.5%, decreasing from 34,600 shares at the end of August to 11,600 shares by September 15th.
• Institutional investors, including First Horizon Advisors and GAMMA Investing, have increased their stakes in Itochu during the 2nd quarter, with total institutional ownership at 0.08%.
• Itochu’s latest quarterly earnings showed revenues of $23.65 billion, significantly below the analyst estimates of $27.22 billion, resulting in a reported earnings per share of $2.78, missing the expected $3.03.

Itochu Corp. (OTCMKTS:ITOCY - Get Free Report) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totaling 11,600 shares, a decline of 66.5% from the August 31st total of 34,600 shares. Based on an average trading volume of 55,000 shares, the short-interest ratio is currently 0.2 days. Based on an average trading volume of 55,000 shares, the short-interest ratio is currently 0.2 days.

Institutional Trading of Itochu

A number of institutional investors and hedge funds have recently bought and sold shares of ITOCY. First Horizon Advisors Inc. raised its holdings in shares of Itochu by 38.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 454 shares of the company's stock worth $48,000 after acquiring an additional 125 shares in the last quarter. GAMMA Investing LLC raised its stake in Itochu by 79.0% during the second quarter. GAMMA Investing LLC now owns 1,944 shares of the company's stock valued at $204,000 after purchasing an additional 858 shares in the last quarter. Finally, Confluence Investment Management LLC lifted its position in Itochu by 1.4% during the second 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 institutional investors.

Itochu Price Performance

Shares of OTCMKTS:ITOCY traded down $0.24 during trading on Thursday, hitting $113.35. 2,578 shares of the company's stock were exchanged, compared to its average volume of 56,454. The business's 50-day simple moving average is $112.29 and its 200 day simple moving average is $104.36. The company has a market cap of $81.55 billion, a price-to-earnings ratio of 14.80 and a beta of 0.75. Itochu has a 52-week low of $79.12 and a 52-week high of $121.59. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.29 and a quick ratio of 0.95.

Itochu (OTCMKTS:ITOCY - Get Free Report) last posted its quarterly earnings results on Friday, August 1st. The company reported $2.78 earnings per share 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 analyst estimates of $27.22 billion.

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.

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