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

Shares of Itochu Corp. (OTCMKTS:ITOCY) gapped up before the market opened on Wednesday. The stock had previously closed at $13.87, but opened at $14.40. Itochu shares last traded at $14.0350, with a volume of 10,883 shares traded.

Itochu Price Performance

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 stock’s 50-day simple moving average is $13.46 and its two-hundred day simple moving average is $12.64. The company has a market capitalization of $111.29 billion, a price-to-earnings ratio of 15.10 and a beta of 0.63.

Itochu (OTCMKTS:ITOCY) last announced its earnings results 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 firm had revenue of $24.75 billion for the quarter, compared to analyst estimates of $22.01 billion. Equities research analysts predict that Itochu Corp. will post 0.92 earnings per share for the current year.

Hedge Funds Weigh In On Itochu

Several hedge funds and other institutional investors have recently modified their holdings of ITOCY. Aristotle Capital Management LLC increased its holdings in shares of 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 purchasing an additional 105,505 shares during the last quarter. OLD National Bancorp IN boosted its stake in Itochu by 898.1% during the first quarter. OLD National Bancorp IN now owns 15,551 shares of the company’s stock worth $193,000 after buying an additional 13,993 shares during the period. Atlas Capital Advisors Inc. acquired a new stake in Itochu in the 4th quarter valued at approximately $279,000. Finally, Confluence Investment Management LLC grew its stake in shares of Itochu by 1.1% in the second quarter. Confluence Investment Management LLC now owns 103,063 shares of the company’s stock valued at $1,175,000 after buying an additional 1,159 shares in the last quarter. 0.08% of the stock is owned by hedge funds and other institutional investors.

Itochu Company Profile

Itochu Corporation is a Japan-based general trading company with business activities spanning a broad range of industries and geographies. The company develops, imports, exports and distributes products while also investing in businesses and providing related services through its global network.

Itochu’s principal operations include textiles, food, metals and minerals, energy and chemicals, machinery, general products and real estate, as well as financial services and information and communications technology.