Itochu Corp. (OTCMKTS:ITOCY) Sees Large Decrease in Short Interest

Itochu Corp. (OTCMKTS:ITOCY) was the recipient of a significant decrease in short interest in September. As of September 30th, there was short interest totaling 71,802 shares, a decrease of 74.1% from the September 15th total of 277,377 shares. Currently, 0.0% of the shares of the stock are short sold. Based on an average trading volume of 462,127 shares, the days-to-cover ratio is presently 0.2 days.

Hedge Funds Weigh In On Itochu

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. OLD National Bancorp IN grew its stake in Itochu by 898.1% during the 1st quarter. OLD National Bancorp IN now owns 15,551 shares of the company’s stock valued at $193,000 after purchasing an additional 13,993 shares in the last quarter. Atlas Capital Advisors Inc. acquired a new position in shares of Itochu in the 4th quarter valued at approximately $279,000. GAMMA Investing LLC raised its position in shares of Itochu by 11.1% in the 3rd quarter. GAMMA Investing LLC now owns 31,411 shares of the company’s stock valued at $438,000 after purchasing an additional 3,128 shares in the last quarter. Confluence Investment Management LLC boosted its stake 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 buying an additional 1,159 shares during the last quarter. Finally, Aristotle Capital Management LLC boosted its stake in shares of Itochu by 897.0% during the 1st quarter. Aristotle Capital Management LLC now owns 117,267 shares of the company’s stock valued at $1,468,000 after buying an additional 105,505 shares during the last quarter. 0.08% of the stock is owned by institutional investors and hedge funds.

Itochu Price Performance

Shares of OTCMKTS:ITOCY opened at $13.62 on Tuesday. The company has a market cap of $107.93 billion, a P/E ratio of 14.65 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. Itochu has a 52 week low of $10.80 and a 52 week high of $15.44. The business has a fifty day simple moving average of $13.73 and a 200-day simple moving average of $12.70.

Itochu (OTCMKTS:ITOCY) last announced its quarterly earnings data on Monday, August 3rd. The company reported $0.26 earnings per share 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 forecast that Itochu will post 0.92 EPS for the current year.

Analysts Set New Price Targets

Separately, Zacks Research upgraded Itochu from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Three investment analysts have rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Strong Buy”.

About Itochu

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.