Zacks Investment Research upgraded shares of Owens-Illinois, Inc. (NYSE:OI) from a sell rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Owens-Illinois’ third-quarter 2017 top and bottom-line improved year-over-year and also beat the respective Zacks Consensus Estimates. The mid-point of the 2017 EPS guidance of $2.65-$2.65 reflects a year-over-year growth of 14%. The company will benefit from the extension and expansion of joint venture (JV) with Constellation Brands, Inc. This investment will allow both companies to realize attractive opportunities in Mexican beer exports to the United States. The buyout of Vitro's food and beverage business will provide a competitive edge in the attractive and growing glass segment of the packaging market in Mexico. The stock has outperformed the industry year to date. Improving conditions in Latin America and ongoing benefits from Total System Cost initiatives in Europe will help mitigate sluggish sales in North America and lower margins in Asia Pacific. Uncertainty in macroeconomic conditions and high debt levels remain headwinds.”
OI has been the subject of several other research reports. ValuEngine raised shares of Owens-Illinois from a buy rating to a strong-buy rating in a research report on Friday, October 13th. UBS AG assumed coverage on shares of Owens-Illinois in a research report on Tuesday, September 5th. They set a neutral rating and a $26.00 price objective for the company. Robert W. Baird reaffirmed a hold rating and set a $25.00 price objective on shares of Owens-Illinois in a research report on Friday, September 1st. BidaskClub raised shares of Owens-Illinois from a hold rating to a buy rating in a research report on Thursday, June 29th. Finally, Royal Bank Of Canada reaffirmed a hold rating and set a $24.00 price objective on shares of Owens-Illinois in a research report on Friday, July 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of Hold and an average target price of $26.45.
Owens-Illinois (NYSE:OI) traded up 0.76% on Wednesday, hitting $23.91. 1,478,329 shares of the stock traded hands. The stock has a 50-day moving average price of $24.88 and a 200 day moving average price of $23.53. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 17.33 and a beta of 1.49. Owens-Illinois has a 1-year low of $17.31 and a 1-year high of $25.90.
Owens-Illinois (NYSE:OI) last announced its quarterly earnings data on Monday, October 23rd. The industrial products company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.73 by $0.04. The company had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. Owens-Illinois had a net margin of 3.59% and a return on equity of 63.33%. The company’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 EPS. On average, analysts anticipate that Owens-Illinois will post $2.64 EPS for the current fiscal year.
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In related news, SVP Moyano Giancarlo Currarino sold 1,360 shares of Owens-Illinois stock in a transaction on Friday, September 8th. The shares were sold at an average price of $23.97, for a total value of $32,599.20. Following the completion of the sale, the senior vice president now owns 23,954 shares of the company’s stock, valued at approximately $574,177.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Sergio B.O. Galindo sold 5,477 shares of Owens-Illinois stock in a transaction on Friday, September 1st. The shares were sold at an average price of $24.93, for a total transaction of $136,541.61. Following the completion of the sale, the insider now directly owns 34,890 shares of the company’s stock, valued at approximately $869,807.70. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of OI. DekaBank Deutsche Girozentrale boosted its holdings in Owens-Illinois by 104.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 4,635 shares of the industrial products company’s stock worth $110,000 after acquiring an additional 2,366 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Owens-Illinois during the 2nd quarter worth $113,000. Acrospire Investment Management LLC boosted its holdings in Owens-Illinois by 163.8% during the 2nd quarter. Acrospire Investment Management LLC now owns 6,714 shares of the industrial products company’s stock worth $161,000 after acquiring an additional 4,169 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its holdings in Owens-Illinois by 113.2% during the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,100 shares of the industrial products company’s stock worth $165,000 after acquiring an additional 4,300 shares during the last quarter. Finally, Flinton Capital Management LLC boosted its holdings in Owens-Illinois by 74.4% during the 2nd quarter. Flinton Capital Management LLC now owns 7,200 shares of the industrial products company’s stock worth $172,000 after acquiring an additional 3,072 shares during the last quarter. 94.96% of the stock is owned by institutional investors and hedge funds.
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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