Owens-Illinois Inc (OI) Position Raised by Olstein Capital Management L.P.
Olstein Capital Management L.P. increased its position in shares of Owens-Illinois Inc (NYSE:OI) by 6.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 484,000 shares of the industrial products company’s stock after purchasing an additional 31,000 shares during the quarter. Owens-Illinois makes up approximately 1.4% of Olstein Capital Management L.P.’s holdings, making the stock its 21st biggest holding. Olstein Capital Management L.P.’s holdings in Owens-Illinois were worth $10,730,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in OI. Sei Investments Co. increased its position in shares of Owens-Illinois by 61.2% during the 3rd quarter. Sei Investments Co. now owns 7,376 shares of the industrial products company’s stock worth $186,000 after purchasing an additional 2,799 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Owens-Illinois by 43.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,889 shares of the industrial products company’s stock valued at $197,000 after acquiring an additional 2,702 shares in the last quarter. Biltmore Wealth Management LLC acquired a new stake in Owens-Illinois in the 3rd quarter valued at about $201,000. Neuberger Berman Group LLC acquired a new stake in Owens-Illinois in the 3rd quarter valued at about $211,000. Finally, Alps Advisors Inc. acquired a new stake in Owens-Illinois in the 3rd quarter valued at about $214,000. Institutional investors and hedge funds own 95.64% of the company’s stock.
Several equities research analysts have weighed in on the stock. Royal Bank of Canada set a $27.00 price objective on shares of Owens-Illinois and gave the company a “hold” rating in a research report on Tuesday, October 17th. UBS Group restated a “neutral” rating and issued a $27.00 price objective (up previously from $26.00) on shares of Owens-Illinois in a research report on Tuesday, October 24th. Bank of America raised their price objective on shares of Owens-Illinois from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Robert W. Baird raised their price objective on shares of Owens-Illinois from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Finally, Zacks Investment Research upgraded shares of Owens-Illinois from a “sell” rating to a “hold” rating in a research report on Wednesday, October 25th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Owens-Illinois presently has an average rating of “Hold” and a consensus price target of $26.15.
Owens-Illinois (NYSE:OI) last issued its earnings results on Tuesday, February 6th. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.01. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.72 billion. Owens-Illinois had a net margin of 2.65% and a return on equity of 53.60%. The company’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. sell-side analysts expect that Owens-Illinois Inc will post 2.81 earnings per share for the current fiscal year.
Owens-Illinois declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 6th that allows the company to repurchase $400.00 million in outstanding shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
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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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