Itochu (OTCMKTS:ITOCY) Shares Gap Down – Here’s Why

Itochu Corp. (OTCMKTS:ITOCY) gapped down before the market opened 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 traded.

Itochu Price Performance

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

Itochu (OTCMKTS:ITOCY) last released its quarterly earnings results on Monday, August 3rd. The company reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). The business had revenue of $24.75 billion during the quarter, compared to analyst estimates of $22.01 billion. Equities analysts predict that Itochu Corp. will post 0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Itochu

A number of large investors have recently modified their holdings of ITOCY. Confluence Investment Management LLC grew its holdings 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 valued at $1,175,000 after purchasing an additional 1,159 shares during the last quarter. Aristotle Capital Management LLC lifted 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 worth $1,468,000 after purchasing an additional 105,505 shares during the last quarter. OLD National Bancorp IN lifted its stake in 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. Finally, Atlas Capital Advisors Inc. bought a new stake in Itochu in the fourth quarter worth $279,000. 0.08% of the stock is owned by hedge funds and other institutional investors.

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.