You should invoke your second function as a callback to setState, as setState happens asynchronously. Something like:
this.setState({pencil:!this.state.pencil}, myFunction)
However in your case since you want that function called with a parameter you’re going to have to get a bit more creative, and perhaps create your own function that calls the function in the props:
myFunction = () => {
this.props.updateItem(this.state)
}
Combine those together and it should work.