Owens-Illinois Inc. (OI) Upgraded by Zacks Investment Research to “Buy”
Owens-Illinois Inc. (NYSE:OI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm currently has a $19.00 price objective on the stock. Zacks Investment Research’s price objective indicates 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.”
A number of other equities research analysts have also weighed in on the stock. Jefferies Group boosted their target price on shares of Owens-Illinois from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Thursday, July 14th. Citigroup Inc. reissued a “buy” rating and set a $22.00 target price on shares of Owens-Illinois in a report on Friday, July 1st. Royal Bank Of Canada initiated coverage on shares of Owens-Illinois in a report on Friday, September 30th. They set a “sector perform” rating and a $18.00 target price on the stock. RBC Capital Markets initiated coverage on shares of Owens-Illinois in a report on Thursday, September 29th. They set a “sector perform” rating and a $18.00 target price on the stock. Finally, Morgan Stanley reissued an “equal weight” rating and set a $40.00 target price on shares of Owens-Illinois in a report on Saturday, August 13th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $20.80.
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Shares of Owens-Illinois (NYSE:OI) traded down 1.590% during midday trading on Thursday, hitting $17.025. 605,157 shares of the stock traded hands. The firm has a 50-day moving average price of $17.89 and a 200-day moving average price of $18.15. Owens-Illinois has a 52 week low of $11.58 and a 52 week high of $24.05. The stock has a market capitalization of $2.76 billion, a P/E ratio of 14.199 and a beta of 1.96.
Owens-Illinois (NYSE:OI) last posted its earnings results on Wednesday, July 27th. The company reported $0.65 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.02. Owens-Illinois had a negative net margin of 0.20% and a positive return on equity of 67.16%. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the firm posted $0.60 EPS. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts predict that Owens-Illinois will post $2.32 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OI. Northwestern Mutual Investment Management Company LLC increased its position in Owens-Illinois by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,176 shares of the company’s stock valued at $111,000 after buying an additional 31 shares during the last quarter. IBM Retirement Fund raised its stake in Owens-Illinois by 0.4% in the second quarter. IBM Retirement Fund now owns 16,284 shares of the company’s stock valued at $293,000 after buying an additional 70 shares during the last quarter. Advantus Capital Management Inc raised its stake in Owens-Illinois by 1.0% in the second quarter. Advantus Capital Management Inc now owns 15,548 shares of the company’s stock valued at $280,000 after buying an additional 153 shares during the last quarter. Wilen Investment Management CORP. raised its stake in Owens-Illinois by 1.0% in the second quarter. Wilen Investment Management CORP. now owns 20,900 shares of the company’s stock valued at $366,000 after buying an additional 200 shares during the last quarter. Finally, CIBC Asset Management Inc raised its stake in Owens-Illinois by 1.7% in the second quarter. CIBC Asset Management Inc now owns 14,865 shares of the company’s stock valued at $268,000 after buying an additional 253 shares during the last quarter. Hedge funds and other institutional investors own 93.89% of the company’s stock.
Owens-Illinois Company Profile
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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