Owens-Illinois, Inc. (NYSE:OI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, May 12th.
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 equities analysts have also recently issued research reports about the company. TheStreet upgraded Owens-Illinois from a “c+” rating to a “b” rating in a research report on Thursday, May 4th. Credit Suisse Group restated a “buy” rating and issued a $28.00 price target on shares of Owens-Illinois in a research report on Sunday, February 5th. Barclays PLC boosted their price target on Owens-Illinois from $20.00 to $22.00 and gave the company an “equal weight” rating in a research report on Monday, May 1st. Jefferies Group LLC restated a “hold” rating and issued a $19.00 price target on shares of Owens-Illinois in a research report on Tuesday, February 7th. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $24.00 price objective (up previously from $20.00) on shares of Owens-Illinois in a report on Saturday, April 29th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $24.78.
Shares of Owens-Illinois (NYSE:OI) traded up 0.13% during trading on Friday, hitting $22.84. The stock had a trading volume of 1,360,375 shares. The company has a market cap of $3.72 billion, a P/E ratio of 19.62 and a beta of 1.46. Owens-Illinois has a 12 month low of $16.18 and a 12 month high of $23.34. The stock has a 50-day moving average price of $22.28 and a 200 day moving average price of $20.15.
Owens-Illinois (NYSE:OI) last posted its earnings results on Monday, April 24th. The industrial products company reported $0.58 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.05. Owens-Illinois had a return on equity of 80.74% and a net margin of 2.84%. The business had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same quarter in the previous year, the firm earned $0.48 earnings per share. The business’s revenue was up .8% compared to the same quarter last year. Equities analysts expect that Owens-Illinois will post $2.49 EPS for the current fiscal year.
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Several large investors have recently made changes to their positions in OI. BlackRock Inc. raised its stake in Owens-Illinois by 16,329.5% in the first quarter. BlackRock Inc. now owns 14,655,477 shares of the industrial products company’s stock worth $298,679,000 after buying an additional 14,566,275 shares during the last quarter. Norges Bank bought a new stake in Owens-Illinois during the fourth quarter worth about $26,472,000. Vanguard Group Inc. raised its stake in Owens-Illinois by 7.5% in the first quarter. Vanguard Group Inc. now owns 16,401,514 shares of the industrial products company’s stock worth $334,263,000 after buying an additional 1,139,389 shares during the last quarter. FMR LLC raised its stake in Owens-Illinois by 918.1% in the first quarter. FMR LLC now owns 1,053,180 shares of the industrial products company’s stock worth $21,464,000 after buying an additional 949,734 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in Owens-Illinois by 33.6% in the first quarter. Prudential Financial Inc. now owns 3,776,681 shares of the industrial products company’s stock worth $76,969,000 after buying an additional 949,286 shares during the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.
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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