Owens-Illinois (NYSE:OI) Downgraded by ValuEngine

ValuEngine downgraded shares of Owens-Illinois (NYSE:OI) from a buy rating to a hold rating in a research report released on Wednesday, March 28th.

Several other equities research analysts have also recently weighed in on OI. Royal Bank of Canada reiterated a hold rating and issued a $26.00 price objective on shares of Owens-Illinois in a report on Thursday, December 14th. Zacks Investment Research cut Owens-Illinois from a hold rating to a sell rating in a report on Tuesday, December 26th. Vertical Research upgraded Owens-Illinois to a buy rating and set a $27.00 price objective for the company in a report on Wednesday, February 7th. Finally, Wells Fargo dropped their price objective on Owens-Illinois from $24.00 to $23.00 and set a market perform rating for the company in a report on Friday, February 9th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $26.00.

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Shares of Owens-Illinois stock traded up $0.11 during trading on Wednesday, hitting $21.47. 874,282 shares of the stock traded hands, compared to its average volume of 1,403,661. The company has a current ratio of 1.06, a quick ratio of 0.61 and a debt-to-equity ratio of 5.52. Owens-Illinois has a 52 week low of $19.86 and a 52 week high of $25.90. The firm has a market capitalization of $3,503.55, a PE ratio of 8.10, a price-to-earnings-growth ratio of 1.35 and a beta of 1.41.

Owens-Illinois (NYSE:OI) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.01. Owens-Illinois had a return on equity of 53.60% and a net margin of 2.65%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period last year, the company earned $0.50 EPS. Owens-Illinois’s revenue for the quarter was up 6.3% compared to the same quarter last year. analysts predict that Owens-Illinois will post 2.81 earnings per share for the current fiscal year.

Owens-Illinois announced that its board has approved a share buyback program on Tuesday, February 6th that allows the company to repurchase $400.00 million in shares. This repurchase authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

In other Owens-Illinois news, SVP Moyano Giancarlo Currarino sold 11,910 shares of Owens-Illinois stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $22.57, for a total value of $268,808.70. Following the completion of the sale, the senior vice president now owns 28,070 shares of the company’s stock, valued at approximately $633,539.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.70% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. First Republic Investment Management Inc. grew its holdings in shares of Owens-Illinois by 1.4% in the third quarter. First Republic Investment Management Inc. now owns 176,955 shares of the industrial products company’s stock worth $4,452,000 after acquiring an additional 2,501 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Owens-Illinois by 8.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 36,350 shares of the industrial products company’s stock valued at $806,000 after purchasing an additional 2,700 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Owens-Illinois by 43.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,889 shares of the industrial products company’s stock valued at $197,000 after purchasing an additional 2,702 shares in the last quarter. Sei Investments Co. lifted its position in Owens-Illinois by 61.2% during the third quarter. Sei Investments Co. now owns 7,376 shares of the industrial products company’s stock valued at $186,000 after purchasing an additional 2,799 shares in the last quarter. Finally, IFP Advisors Inc lifted its position in shares of Owens-Illinois by 17.2% in the fourth quarter. IFP Advisors Inc now owns 19,143 shares of the industrial products company’s stock valued at $424,000 after acquiring an additional 2,812 shares in the last quarter. 95.23% of the stock is owned by institutional investors.

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Owens-Illinois Company Profile

Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Europe, North America, Latin America, and the Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Owens-Illinois (NYSE:OI)

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