Owens-Illinois Inc. (OI) Updates FY16 Earnings Guidance
Owens-Illinois Inc. (NYSE:OI) updated its FY16 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.27-2.32 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.30.
OI has been the subject of a number of recent research reports. Zacks Investment Research downgraded Owens-Illinois from a buy rating to a hold rating in a research note on Monday, October 3rd. RBC Capital Markets initiated coverage on Owens-Illinois in a research note on Thursday, September 29th. They set a sector perform rating and a $18.00 price objective for the company. Royal Bank Of Canada initiated coverage on Owens-Illinois in a research note on Friday, September 30th. They set a sector perform rating and a $18.00 price objective for the company. Jefferies Group restated a hold rating and set a $19.00 price objective on shares of Owens-Illinois in a research note on Thursday, October 20th. Finally, Morgan Stanley restated an equal weight rating and set a $40.00 price objective on shares of Owens-Illinois in a research note on Saturday, August 13th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. Owens-Illinois presently has an average rating of Hold and an average price target of $20.21.
Shares of Owens-Illinois Inc. (NYSE:OI) opened at 18.10 on Wednesday. The stock’s 50 day moving average price is $18.25 and its 200 day moving average price is $18.32. Owens-Illinois Inc. has a one year low of $11.58 and a one year high of $20.33. The stock has a market capitalization of $2.94 billion, a P/E ratio of 10.35 and a beta of 1.65.
Owens-Illinois (NYSE:OI) last issued its earnings results on Tuesday, October 25th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.01. Owens-Illinois had a return on equity of 86.33% and a net margin of 1.17%. The business earned $1.71 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the prior year, the firm posted $0.57 EPS. Owens-Illinois’s quarterly revenue was up 9.3% compared to the same quarter last year. On average, analysts forecast that Owens-Illinois Inc. will post $2.30 EPS for the current year.
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Several institutional investors have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. boosted its position in shares of Owens-Illinois by 1.0% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,257,646 shares of the company’s stock worth $76,680,000 after buying an additional 41,533 shares during the last quarter. BlackRock Fund Advisors boosted its stake in Owens-Illinois by 4.6% in the second quarter. BlackRock Fund Advisors now owns 2,666,033 shares of the company’s stock worth $48,015,000 after buying an additional 118,347 shares in the last quarter. Thrivent Financial for Lutherans boosted its stake in Owens-Illinois by 1.2% in the second quarter. Thrivent Financial for Lutherans now owns 2,363,284 shares of the company’s stock worth $42,563,000 after buying an additional 27,020 shares in the last quarter. AQR Capital Management LLC boosted its stake in Owens-Illinois by 121.4% in the second quarter. AQR Capital Management LLC now owns 1,382,005 shares of the company’s stock worth $24,890,000 after buying an additional 757,796 shares in the last quarter. Finally, Allianz Asset Management AG acquired a new stake in Owens-Illinois during the second quarter worth $13,533,000. 95.33% of the stock is owned by institutional investors and hedge funds.
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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