Owens-Illinois Inc. (OI) Raised to “Buy” at Zacks Investment Research
Owens-Illinois Inc. (NYSE:OI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm currently has a $19.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 9.83% from the company’s current price.
According to Zacks, “For 2016, Owens-Illinois is targeting 1% volume growth and a 100 basis points expansion in segment margins. The company maintained its adjusted earnings per share guidance for 2016 in the range of $2.25–$2.35. It will benefit from the Vitro's food and beverage business buyout. The acquired business will contribute annual revenues of $945 million to Owens-Illinois’ business. Further, successful joint venture with Constellation and asset optimization program in Europe will also drive its results. These are well reflected in the company’s positive record of earnings surprises in recent quarters.”
Other analysts have also recently issued reports about the company. Citigroup Inc. reissued a “buy” rating and set a $22.00 price objective on shares of Owens-Illinois in a report on Friday, July 1st. Morgan Stanley reissued an “equal weight” rating and set a $40.00 price objective on shares of Owens-Illinois in a report on Saturday, August 13th. Jefferies Group boosted their price objective on Owens-Illinois from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Thursday, July 14th. TheStreet raised Owens-Illinois from a “sell” rating to a “hold” rating in a report on Wednesday, June 15th. Finally, Royal Bank Of Canada initiated coverage on Owens-Illinois in a report on Friday, September 30th. They set a “sector perform” rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $20.80.
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Owens-Illinois (NYSE:OI) traded down 1.33% during trading on Thursday, reaching $17.07. 713,781 shares of the company’s stock traded hands. The firm’s 50 day moving average is $17.89 and its 200-day moving average is $18.15. Owens-Illinois has a 12 month low of $11.58 and a 12 month high of $24.05. The company has a market capitalization of $2.77 billion, a price-to-earnings ratio of 14.24 and a beta of 1.96.
Owens-Illinois (NYSE:OI) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02. The firm earned $1.76 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Owens-Illinois had a positive return on equity of 67.16% and a negative net margin of 0.20%. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.60 EPS. Analysts expect that Owens-Illinois will post $2.32 EPS for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in OI. Aperio Group LLC increased its position in Owens-Illinois by 6.0% in the first quarter. Aperio Group LLC now owns 58,592 shares of the company’s stock worth $935,000 after buying an additional 3,330 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its position in Owens-Illinois by 22.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 106,621 shares of the company’s stock worth $1,702,000 after buying an additional 19,790 shares during the period. Ngam Advisors L.P. increased its position in Owens-Illinois by 35.7% in the first quarter. Ngam Advisors L.P. now owns 31,581 shares of the company’s stock worth $504,000 after buying an additional 8,312 shares during the period. Teachers Advisors Inc. increased its position in Owens-Illinois by 132.6% in the first quarter. Teachers Advisors Inc. now owns 553,211 shares of the company’s stock worth $8,829,000 after buying an additional 315,334 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Owens-Illinois by 6.3% in the first quarter. JPMorgan Chase & Co. now owns 185,129 shares of the company’s stock worth $2,955,000 after buying an additional 11,040 shares during the period. 93.89% of the stock is owned by hedge funds and other institutional investors.
Owens-Illinois, Inc is engaged in the manufacturing of glass containers. The Company’s principal product lines are glass containers for the food and beverage industries. Its segments include Europe, North America, Latin America and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.
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