Owens-Illinois Inc. (NYSE:OI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $19.00 price target on the stock. Zacks Investment Research’s target price points to a potential upside of 9.83% 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 analysts have also recently weighed in on the stock. Jefferies Group upped their price objective on shares of Owens-Illinois from $18.00 to $20.00 and gave the stock a “hold” rating in a research note on Thursday, July 14th. Citigroup Inc. reaffirmed a “buy” rating and set a $22.00 price objective on shares of Owens-Illinois in a research note on Friday, July 1st. Royal Bank Of Canada started coverage on shares of Owens-Illinois in a research note on Friday, September 30th. They set a “sector perform” rating and a $18.00 price objective on the stock. RBC Capital Markets began coverage on shares of Owens-Illinois in a research note on Thursday, September 29th. They set a “sector perform” rating and a $18.00 price objective on the stock. Finally, Morgan Stanley reissued an “equal weight” rating and set a $40.00 price target on shares of Owens-Illinois in a research note on Saturday, August 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.80.

Analyst Recommendations for Owens-Illinois (NYSE:OI)

Owens-Illinois (NYSE:OI) traded down 1.590% on Thursday, hitting $17.025. The company’s stock had a trading volume of 605,157 shares. Owens-Illinois has a 1-year low of $11.58 and a 1-year high of $24.05. The company has a market capitalization of $2.76 billion, a P/E ratio of 14.199 and a beta of 1.96. The company has a 50 day moving average price of $17.89 and a 200-day moving average price of $18.15.

Owens-Illinois (NYSE:OI) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Owens-Illinois had a negative net margin of 0.20% and a positive return on equity of 67.16%. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 earnings per share. On average, equities analysts forecast that Owens-Illinois will post $2.32 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of OI. Northwestern Mutual Investment Management Company LLC increased its stake in shares of 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 valued at $111,000 after buying an additional 31 shares in the last quarter. IBM Retirement Fund increased its stake in shares of Owens-Illinois by 0.4% in the second quarter. IBM Retirement Fund now owns 16,284 shares of the company’s stock valued at $293,000 after buying an additional 70 shares in the last quarter. Advantus Capital Management Inc increased its stake in shares of Owens-Illinois by 1.0% in the second quarter. Advantus Capital Management Inc now owns 15,548 shares of the company’s stock valued at $280,000 after buying an additional 153 shares in the last quarter. Wilen Investment Management CORP. increased its stake in shares of Owens-Illinois by 1.0% in the second quarter. Wilen Investment Management CORP. now owns 20,900 shares of the company’s stock valued at $366,000 after buying an additional 200 shares in the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of Owens-Illinois by 1.7% in the second quarter. CIBC Asset Management Inc now owns 14,865 shares of the company’s stock valued at $268,000 after buying an additional 253 shares in the last quarter. 93.89% of the stock is owned by institutional investors.

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.

5 Day Chart for NYSE:OI

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