Zacks: Analysts Anticipate Owens-Illinois, Inc. (OI) Will Announce Quarterly Sales of $1.73 Billion
Wall Street brokerages forecast that Owens-Illinois, Inc. (NYSE:OI) will report sales of $1.73 billion for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Owens-Illinois’ earnings. The lowest sales estimate is $1.69 billion and the highest is $1.75 billion. Owens-Illinois reported sales of $1.64 billion during the same quarter last year, which indicates a positive year over year growth rate of 5.5%. The business is scheduled to report its next earnings report on Wednesday, February 7th.
On average, analysts expect that Owens-Illinois will report full year sales of $1.73 billion for the current year, with estimates ranging from $6.80 billion to $6.90 billion. For the next year, analysts forecast that the company will report sales of $7.02 billion per share, with estimates ranging from $6.87 billion to $7.13 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Owens-Illinois.
Owens-Illinois (NYSE:OI) last announced its quarterly earnings results on Monday, October 23rd. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.04. The business had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. Owens-Illinois had a net margin of 7.54% and a return on equity of 68.82%. The business’s revenue was up 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.68 EPS.
OI has been the subject of a number of research analyst reports. BidaskClub downgraded shares of Owens-Illinois from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Jefferies Group LLC reiterated 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. Barclays PLC increased 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. BMO Capital Markets restated a “hold” rating and set a $25.00 target price on shares of Owens-Illinois in a report on Sunday, August 27th. Finally, Robert W. Baird restated a “hold” rating and set a $25.00 target price on shares of Owens-Illinois in a report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Owens-Illinois presently has an average rating of “Hold” and an average price target of $26.45.
In other Owens-Illinois news, SVP Moyano Giancarlo Currarino sold 1,360 shares of the firm’s stock in a transaction dated 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 directly owns 23,954 shares of the company’s stock, valued at approximately $574,177.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Timothy M. Connors sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $23.86, for a total transaction of $83,510.00. Following the sale, the insider now directly owns 19,624 shares in the company, valued at $468,228.64. The disclosure for this sale can be found here. Insiders have sold a total of 10,337 shares of company stock worth $252,651 over the last ninety days. 1.50% of the stock is owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in shares of Owens-Illinois by 3.5% during the 2nd quarter. BlackRock Inc. now owns 15,167,509 shares of the industrial products company’s stock worth $362,806,000 after purchasing an additional 512,032 shares during the last quarter. Great West Life Assurance Co. Can boosted its position in shares of Owens-Illinois by 0.7% in the third quarter. Great West Life Assurance Co. Can now owns 7,997,182 shares of the industrial products company’s stock worth $201,104,000 after acquiring an additional 58,137 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of Owens-Illinois by 15.1% in the third quarter. Prudential Financial Inc. now owns 3,916,784 shares of the industrial products company’s stock worth $98,546,000 after acquiring an additional 513,679 shares during the last quarter. Thrivent Financial For Lutherans boosted its position in shares of Owens-Illinois by 30.7% in the second quarter. Thrivent Financial For Lutherans now owns 2,929,740 shares of the industrial products company’s stock worth $70,080,000 after acquiring an additional 688,720 shares during the last quarter. Finally, LSV Asset Management boosted its position in shares of Owens-Illinois by 36.9% in the second quarter. LSV Asset Management now owns 2,271,378 shares of the industrial products company’s stock worth $54,331,000 after acquiring an additional 612,600 shares during the last quarter. 95.35% of the stock is currently owned by institutional investors.
Shares of Owens-Illinois (NYSE:OI) traded up $0.12 on Tuesday, hitting $23.28. 672,500 shares of the stock were exchanged, compared to its average volume of 1,270,823. The company has a debt-to-equity ratio of 5.73, a current ratio of 1.23 and a quick ratio of 0.74. The stock has a market cap of $3,830.00, a P/E ratio of 8.91, a PEG ratio of 1.21 and a beta of 1.53. Owens-Illinois has a 1-year low of $17.31 and a 1-year high of $25.90.
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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