Owens-Illinois (OI) PT Lowered to $23.00 at Wells Fargo & Co

Owens-Illinois (NYSE:OI) had its price target reduced by research analysts at Wells Fargo & Co from $24.00 to $23.00 in a report issued on Friday. The brokerage presently has a “market perform” rating on the industrial products company’s stock. Wells Fargo & Co’s price target would indicate a potential upside of 6.09% from the stock’s previous close.

A number of other research analysts have also issued reports on OI. Vertical Research upgraded Owens-Illinois to a “buy” rating and set a $27.00 price objective for the company in a research report on Wednesday, February 7th. ValuEngine upgraded Owens-Illinois from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 13th. Zacks Investment Research lowered Owens-Illinois from a “hold” rating to a “sell” rating in a research report on Monday, January 29th. Robert W. Baird boosted their price objective on Owens-Illinois from $25.00 to $27.00 and gave the company a “neutral” rating in a research report on Wednesday, October 25th. Finally, Bank of America boosted their price objective on Owens-Illinois from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Three analysts have rated the stock with a sell rating, nine have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Hold” and an average target price of $26.15.

Shares of Owens-Illinois (OI) traded up $0.41 on Friday, hitting $21.68. The stock had a trading volume of 1,019,650 shares, compared to its average volume of 1,601,511. The firm has a market cap of $3,419.55, a price-to-earnings ratio of 19.71, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. 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 one year low of $19.12 and a one year high of $25.90.

Owens-Illinois (NYSE:OI) last issued its earnings results on Tuesday, February 6th. The industrial products company reported $0.55 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 company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm earned $0.50 EPS. The business’s revenue was up 6.3% on a year-over-year basis. sell-side analysts forecast that Owens-Illinois will post 2.81 EPS for the current year.

Owens-Illinois announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, February 6th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of institutional investors have recently made changes to their positions in the business. Schwab Charles Investment Management Inc. raised its stake in shares of Owens-Illinois by 4.8% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 802,007 shares of the industrial products company’s stock worth $20,179,000 after buying an additional 36,810 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Owens-Illinois by 15.1% in the 3rd quarter. Prudential Financial Inc. now owns 3,916,784 shares of the industrial products company’s stock worth $98,546,000 after buying an additional 513,679 shares in the last quarter. FMR LLC raised its stake in shares of Owens-Illinois by 37.4% in the 2nd quarter. FMR LLC now owns 1,446,740 shares of the industrial products company’s stock worth $34,606,000 after buying an additional 393,560 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Owens-Illinois by 39.1% in the 3rd quarter. Macquarie Group Ltd. now owns 62,600 shares of the industrial products company’s stock worth $1,575,000 after buying an additional 17,600 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Owens-Illinois by 3.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,489,248 shares of the industrial products company’s stock worth $37,470,000 after buying an additional 51,404 shares in the last quarter. 95.64% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Owens-Illinois (NYSE:OI)

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