Zacks Investment Research cut shares of Owens-Illinois Inc (NYSE:OI) from a buy rating to a hold rating in a research note published on Friday.
According to Zacks, “Owens-Illinois’ adjusted earnings and sales registered year-over-year growth in first-quarter 2017, surpassing the Zacks Consensus Estimate on both counts. For the year, Owens-Illinois remains on track to achieve all of the company’s financial targets including volume growth, margin, adjusted earnings, cash flow and deleveraging. Its focus on simplifying the organization, elevating productivity, expanding customer relationships, strategic initiatives and reducing the structural cost will drive long-term growth. The company is also well positioned to benefit from acquisitions and joint ventures. The stock has underperformed the Zacks sub-industry over the past one year. Owens-Illinois’ results will be impacted by uncertainty in macroeconomic conditions, inflation and unfavorable foreign currency translation. In Europe, heightened competitive activity has been dragging down selling prices. “
Other analysts have also recently issued reports about the company. TheStreet raised Owens-Illinois from a c+ rating to a b rating in a report on Thursday, May 4th. Credit Suisse Group AG reissued a buy rating and set a $28.00 price target on shares of Owens-Illinois in a report on Sunday, February 5th. Barclays PLC lifted their price target on Owens-Illinois from $20.00 to $22.00 and gave the stock an equal weight rating in a report on Monday, May 1st. Jefferies Group LLC reissued a hold rating and set a $19.00 price target on shares of Owens-Illinois in a report on Tuesday, February 7th. Finally, Deutsche Bank AG reissued a hold rating and set a $24.00 price target (up from $20.00) on shares of Owens-Illinois in a report on Saturday, April 29th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Owens-Illinois presently has a consensus rating of Hold and a consensus price target of $24.00.
Shares of Owens-Illinois (NYSE:OI) opened at 22.18 on Friday. The company has a market capitalization of $3.61 billion, a PE ratio of 19.05 and a beta of 1.48. The stock’s 50 day moving average price is $21.12 and its 200-day moving average price is $19.58. Owens-Illinois has a 52-week low of $16.18 and a 52-week high of $22.61.
Owens-Illinois (NYSE:OI) last released its quarterly earnings results on Monday, April 24th. The industrial products company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.05. The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Owens-Illinois had a return on equity of 86.07% and a net margin of 3.12%. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period last year, the firm posted $0.48 EPS. On average, analysts expect that Owens-Illinois will post $2.49 earnings per share for the current year.
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A number of institutional investors have recently bought and sold shares of OI. Norges Bank bought a new position in Owens-Illinois during the fourth quarter worth approximately $26,472,000. First Republic Investment Management Inc. raised its position in Owens-Illinois by 0.4% in the fourth quarter. First Republic Investment Management Inc. now owns 162,524 shares of the industrial products company’s stock worth $2,830,000 after buying an additional 626 shares during the period. Renaissance Technologies LLC bought a new position in Owens-Illinois during the fourth quarter worth approximately $13,785,000. Federated Investors Inc. PA raised its position in Owens-Illinois by 3.9% in the fourth quarter. Federated Investors Inc. PA now owns 1,723,838 shares of the industrial products company’s stock worth $30,013,000 after buying an additional 64,948 shares during the period. Finally, Prudential PLC raised its position in Owens-Illinois by 18.0% in the fourth quarter. Prudential PLC now owns 983,885 shares of the industrial products company’s stock worth $17,129,000 after buying an additional 150,000 shares during the period. Hedge funds and other institutional investors own 96.65% of the company’s stock.
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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