Owens-Illinois Inc. (OI) Rating Increased to Buy at Zacks Investment Research
Owens-Illinois Inc. (NYSE:OI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $20.00 price objective on the stock. Zacks Investment Research’s price target points to a potential upside of 7.70% from the company’s current price.
According to Zacks, “For 2016, Owens-Illinois is targeting 1% volume growth and a 100 basis points expansion in segment margins. The company maintained its adjusted earnings per share guidance for 2016 in the range of $2.25–$2.35. It will benefit from the Vitro's food and beverage business buyout. The acquired business will contribute annual revenues of $945 million to Owens-Illinois’ business. Further, successful joint venture with Constellation and asset optimization program in Europe will also drive its results. These are well reflected in the company’s positive record of earnings surprises in recent quarters.”
Several other research analysts also recently weighed in on the company. Citigroup Inc. restated a “buy” rating and issued a $22.00 price target on shares of Owens-Illinois in a research note on Friday, July 1st. Morgan Stanley restated an “equal weight” rating and issued a $40.00 price target on shares of Owens-Illinois in a research note on Saturday, August 13th. Jefferies Group upped their price target on Owens-Illinois from $18.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday, July 14th. TheStreet upgraded Owens-Illinois from a “sell” rating to a “hold” rating in a research note on Wednesday, June 15th. Finally, Goldman Sachs Group Inc. restated a “sell” rating and issued a $18.00 price target on shares of Owens-Illinois in a research note on Wednesday, June 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $21.31.
Owens-Illinois (NYSE:OI) opened at 18.57 on Tuesday. Owens-Illinois has a 1-year low of $11.58 and a 1-year high of $24.05. The firm’s 50 day moving average is $18.07 and its 200 day moving average is $18.00. The stock has a market capitalization of $3.01 billion, a P/E ratio of 15.49 and a beta of 2.02.
Owens-Illinois (NYSE:OI) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.63 by $0.02. The company earned $1.76 billion during the quarter, compared to the consensus estimate of $1.73 billion. Owens-Illinois had a positive return on equity of 67.16% and a negative net margin of 0.20%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.60 EPS. On average, equities research analysts anticipate that Owens-Illinois will post $2.32 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in OI. Point72 Asia Hong Kong Ltd acquired a new stake in Owens-Illinois during the second quarter worth $104,000. Northwestern Mutual Investment Management Company LLC raised its stake in Owens-Illinois by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,176 shares of the company’s stock worth $111,000 after buying an additional 31 shares during the last quarter. Euclid Advisors LLC acquired a new stake in Owens-Illinois during the first quarter worth $131,000. Invictus RG raised its stake in Owens-Illinois by 3.1% in the first quarter. Invictus RG now owns 9,302 shares of the company’s stock worth $148,000 after buying an additional 282 shares during the last quarter. Finally, Globeflex Capital L P acquired a new stake in Owens-Illinois during the second quarter worth $197,000. Institutional investors and hedge funds own 93.89% of the company’s stock.
Owens-Illinois Company Profile
Owens-Illinois, Inc is engaged in the manufacturing of glass containers. The Company’s principal product lines are glass containers for the food and beverage industries. Its segments include Europe, North America, Latin America and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.
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