Owens-Illinois, Inc. (OI) Stock Rating Lowered by Zacks Investment Research
Owens-Illinois, Inc. (NYSE:OI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Owens-Illinois projects adjusted third-quarter earnings per share (EPS) to lie between 70 cents and 75 cents. The mid-point of the range reflects a year-over-year growth of 6.6%. However, higher corporate and restructuring costs, higher taxes will impact earnings in the next quarter. Owens-Illinois raised EPS guidance to $2.55-$2.65 for 2017 to reflect solid operating performance, favorable currency translation and a lower tax rate. The mid-point of the range reflects a year–over-year growth of 12.6%. The company’s focus on simplifying the organization, elevating productivity, strategic initiatives and reducing the structural cost will drive growth. It is also well positioned to benefit from acquisitions and joint ventures. The stock has outperformed the industry year to date. However, higher corporate and restructuring costs will impact Owens-Illinois' earnings in the next quarter. Also, high debt levels remain a concern.”
Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of Owens-Illinois from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. ValuEngine lowered shares of Owens-Illinois from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 3rd. Barclays PLC raised their price target on shares of Owens-Illinois from $22.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, August 7th. Jefferies Group LLC restated a “hold” rating and issued a $27.00 price target (up previously from $26.00) on shares of Owens-Illinois in a report on Wednesday, August 2nd. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $24.00 price target on shares of Owens-Illinois in a report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Owens-Illinois has an average rating of “Hold” and an average target price of $25.60.
Shares of Owens-Illinois (OI) traded up 0.49% during midday trading on Tuesday, reaching $24.54. 125,591 shares of the company traded hands. The company’s 50 day moving average is $24.18 and its 200-day moving average is $22.58. Owens-Illinois has a 12 month low of $16.80 and a 12 month high of $25.08. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of 17.78 and a beta of 1.51.
Owens-Illinois (NYSE:OI) last posted its quarterly earnings results on Monday, July 31st. The industrial products company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.08. Owens-Illinois had a net margin of 3.36% and a return on equity of 72.15%. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the firm posted $0.65 earnings per share. Owens-Illinois’s revenue for the quarter was down .5% compared to the same quarter last year. Equities research analysts forecast that Owens-Illinois will post $2.63 earnings per share for the current fiscal year.
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In other news, SVP Moyano Giancarlo Currarino sold 1,360 shares of Owens-Illinois stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $23.97, for a total transaction of $32,599.20. Following the sale, the senior vice president now owns 23,954 shares in the company, valued at $574,177.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sergio B.O. Galindo sold 5,477 shares of Owens-Illinois stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $24.93, for a total transaction of $136,541.61. Following the sale, the insider now owns 34,890 shares in the company, valued at approximately $869,807.70. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
Large investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale increased its stake in shares of Owens-Illinois by 104.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 4,635 shares of the industrial products company’s stock worth $110,000 after buying an additional 2,366 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Owens-Illinois in the second quarter worth $113,000. Acrospire Investment Management LLC increased its stake in shares of Owens-Illinois by 163.8% in the second quarter. Acrospire Investment Management LLC now owns 6,714 shares of the industrial products company’s stock worth $161,000 after buying an additional 4,169 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. increased its stake in shares of Owens-Illinois by 113.2% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,100 shares of the industrial products company’s stock worth $165,000 after buying an additional 4,300 shares during the last quarter. Finally, Flinton Capital Management LLC increased its stake in shares of Owens-Illinois by 74.4% in the second quarter. Flinton Capital Management LLC now owns 7,200 shares of the industrial products company’s stock worth $172,000 after buying an additional 3,072 shares during the last quarter. Institutional investors and hedge funds own 95.06% of the company’s stock.
Owens-Illinois Company Profile
Owens-Illinois, Inc is a manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company’s segments include Europe, North America, Latin America and Asia Pacific. The Company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.
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