Toray Industries (OTCMKTS:TRYIY) Shares Gap Down Following Weak Earnings

Key Points

• Toray Industries shares gapped down significantly, opening at $13.00 after a previous close of $14.31, indicating a nearly 10% decline.
• Recent analyst ratings show a change in sentiment, with Nomura Securities upgrading the stock to a "hold," while UBS Group downgraded it from "strong-buy" to "hold."
• The company reported $0.15 earnings per share for the last quarter, with a projected EPS of 0.73 for the current fiscal year.

Toray Industries Inc. (OTCMKTS:TRYIY - Get Free Report)'s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $14.31, but opened at $13.00. Toray Industries shares last traded at $13.26, with a volume of 259 shares trading hands.

The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.09). Toray Industries had a return on equity of 3.81% and a net margin of 2.72%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.41 billion.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on TRYIY. UBS Group downgraded Toray Industries from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 17th. Nomura Securities raised Toray Industries to a "hold" rating in a research note on Friday, June 6th.

Toray Industries Trading Up 0.9%

The company has a debt-to-equity ratio of 0.26, a current ratio of 1.70 and a quick ratio of 1.10. The business has a 50 day moving average of $13.55 and a 200 day moving average of $13.43. The firm has a market capitalization of $10.51 billion, a price-to-earnings ratio of 22.62 and a beta of 0.60.

About Toray Industries

Toray Industries, Inc, together with its subsidiaries, manufactures, processes, and sells fibers and textiles, performance chemicals, carbon fiber composite materials, environment and engineering products, and life science products in Japan, China, North America, Europe, and internationally. The company offers filament yarns, staple fibers, and spun yarns, as well as woven and knitted fabrics of nylon, polyester, acrylics, and others; non-woven fabrics; ultra-fine fibers; and apparel products.