Short Interest in Owens-Illinois Inc (NYSE:OI) Rises By 7.7%
Owens-Illinois Inc (NYSE:OI) was the recipient of a large increase in short interest in October. As of October 31st, there was short interest totalling 9,380,000 shares, an increase of 7.7% from the September 30th total of 8,710,000 shares. Based on an average trading volume of 2,300,000 shares, the short-interest ratio is currently 4.1 days. Approximately 6.1% of the shares of the company are short sold.
Several research firms have commented on OI. ValuEngine raised Owens-Illinois from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Goldman Sachs Group raised Owens-Illinois from a “sell” rating to a “neutral” rating and cut their price target for the company from $17.00 to $13.00 in a report on Monday, August 5th. Citigroup cut their price target on Owens-Illinois from $11.00 to $9.50 and set a “neutral” rating for the company in a report on Wednesday, October 30th. UBS Group cut their price target on Owens-Illinois from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Finally, KeyCorp reaffirmed a “sell” rating and issued a $8.00 price target on shares of Owens-Illinois in a report on Tuesday, October 29th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $14.68.
Institutional investors and hedge funds have recently modified their holdings of the company. First Quadrant L P CA acquired a new position in shares of Owens-Illinois in the 2nd quarter worth approximately $25,000. Marshall Wace North America L.P. acquired a new stake in Owens-Illinois during the 1st quarter valued at $25,000. Private Capital Group LLC increased its holdings in Owens-Illinois by 75.5% during the 2nd quarter. Private Capital Group LLC now owns 2,662 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 1,145 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Owens-Illinois during the 2nd quarter valued at $56,000. Finally, Oppenheimer Asset Management Inc. increased its holdings in Owens-Illinois by 25.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 8,261 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 1,701 shares in the last quarter. 91.09% of the stock is owned by institutional investors and hedge funds.
Owens-Illinois (NYSE:OI) last issued its earnings results on Monday, October 28th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.01). Owens-Illinois had a positive return on equity of 42.84% and a negative net margin of 6.58%. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the previous year, the company posted $0.75 earnings per share. The company’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, equities analysts expect that Owens-Illinois will post 2.21 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 29th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 2.24%. Owens-Illinois’s payout ratio is presently 7.35%.
Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Americas, Europe, and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. The company is also involved in the production of glass packaging for various food items, soft drinks, teas, juices, and pharmaceuticals.
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