Zacks Investment Research Downgrades Owens-Illinois (OI) to Sell

Owens-Illinois (NYSE:OI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.

According to Zacks, “Owens-Illinois' North America sales volume continues to decline due to lower shipments, primarily in beer. The impact of the hurricanes will also hurt its fourth-quarter results. Higher supply chain and restructuring costs in Asia Pacific will impact Owens-Illinois’ results. Further, uncertainty in macroeconomic conditions, non-cash charges, volatile currency rates and high debt levels remain headwinds for the company.”

Several other research analysts also recently commented on OI. ValuEngine raised shares of Owens-Illinois from a “buy” rating to a “strong-buy” rating in a report on Friday, October 13th. Robert W. Baird raised their price target on shares of Owens-Illinois from $25.00 to $27.00 and gave the company a “neutral” rating in a report on Wednesday, October 25th. Bank of America lifted their price objective on shares of Owens-Illinois from $29.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. KeyCorp reaffirmed a “hold” rating on shares of Owens-Illinois in a report on Monday, October 30th. Finally, Royal Bank of Canada reaffirmed a “hold” rating and set a $26.00 price objective on shares of Owens-Illinois in a report on Thursday, December 14th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $26.36.

Owens-Illinois (OI) opened at $21.86 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 1.23 and a debt-to-equity ratio of 5.73. Owens-Illinois has a fifty-two week low of $17.31 and a fifty-two week high of $25.90. The company has a market cap of $3,630.00, a price-to-earnings ratio of 14.67, a price-to-earnings-growth ratio of 1.21 and a beta of 1.52.

Owens-Illinois (NYSE:OI) last announced its quarterly earnings results on Monday, October 23rd. The industrial products company reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.04. Owens-Illinois had a net margin of 3.59% and a return on equity of 63.33%. The firm had revenue of $1.80 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period last year, the firm earned $0.68 EPS. The business’s quarterly revenue was up 5.1% compared to the same quarter last year. equities research analysts anticipate that Owens-Illinois will post 2.64 earnings per share for the current year.

In related news, insider Timothy M. Connors sold 3,500 shares of Owens-Illinois stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $23.86, for a total value of $83,510.00. Following the transaction, the insider now owns 19,624 shares in the company, valued at approximately $468,228.64. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in Owens-Illinois by 3.5% in the 2nd quarter. BlackRock Inc. now owns 15,167,509 shares of the industrial products company’s stock worth $362,806,000 after purchasing an additional 512,032 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Owens-Illinois by 0.7% in the third quarter. Great West Life Assurance Co. Can now owns 7,997,182 shares of the industrial products company’s stock valued at $201,104,000 after acquiring an additional 58,137 shares during the period. Prudential Financial Inc. increased its position in shares of Owens-Illinois by 15.1% in the third quarter. Prudential Financial Inc. now owns 3,916,784 shares of the industrial products company’s stock valued at $98,546,000 after acquiring an additional 513,679 shares during the period. Thrivent Financial For Lutherans increased its position in shares of Owens-Illinois by 30.7% in the second quarter. Thrivent Financial For Lutherans now owns 2,929,740 shares of the industrial products company’s stock valued at $70,080,000 after acquiring an additional 688,720 shares during the period. Finally, LSV Asset Management increased its position in shares of Owens-Illinois by 36.9% in the second quarter. LSV Asset Management now owns 2,271,378 shares of the industrial products company’s stock valued at $54,331,000 after acquiring an additional 612,600 shares during the period. Institutional investors own 93.58% of the company’s stock.

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About Owens-Illinois

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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