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Owens-Illinois (NYSE:OI)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Thursday. They currently have a $33.00 price target on the stock. Zacks‘s price objective indicates a potential upside of 4.63% from the company’s current price.

Zacks’ analyst wrote, “Owens-Illinois’ second-quarter 2014 adjusted earnings per share declined 1% year over year to $0.80 aided as improved performance in South America was offset by declines in other regions, particularly in Asia Pacific. For the full year 2014, Owens-Illinois lowered its earnings per share guidance to a range of $2.85 to $3.05. Owens-Illinois expects Europe to deliver better results supported by higher production volumes and savings from asset optimization. Production will likely be lower in North America due to higher planned furnace maintenance. In South America, the company expects volume growth in the Andean countries. Plant closures in China and low demand in Australia will continue to affect sales in the Asia Pacific region. We have reiterated our Neutral recommendation on Owens-Illinois with a target price of $33.”

Shares of Owens-Illinois (NYSE:OI) traded down 1.00% on Thursday, hitting $31.225. The stock had a trading volume of 586,135 shares. Owens-Illinois has a one year low of $28.29 and a one year high of $35.95. The stock’s 50-day moving average is $33.8 and its 200-day moving average is $33.1. The company has a market cap of $5.149 billion and a price-to-earnings ratio of 26.37.

Owens-Illinois (NYSE:OI) last announced its earnings results on Wednesday, July 30th. The company reported $0.80 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.82 by $0.02. The company had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the prior year, the company posted $0.81 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. On average, analysts predict that Owens-Illinois will post $2.95 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on OI. Analysts at Jefferies Group raised their price target on shares of Owens-Illinois from $39.00 to $42.00 in a research note on Friday, July 11th. They now have a “buy” rating on the stock. Finally, analysts at S&P Equity Research upgraded shares of Owens-Illinois to a “strong-buy” rating in a research note on Wednesday, June 18th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $37.10.

Owens-Illinois, Inc is a manufacturer of glass containers with 81 glass manufacturing plants in 21 countries.

To view Zacks’ full report, visit Zacks’ official website.

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