Owens-Illinois Inc (OI) Stock Rating Lowered by Zacks Investment Research
Owens-Illinois Inc (NYSE:OI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “For the full year 2017, Owens-Illinois remains on track to achieve all of the company’s financial targets including volume growth, margin, adjusted earnings, cash flow and deleveraging. Its focus on simplifying the organization, elevating productivity, expanding customer relationships, strategic initiatives and reducing the structural cost will drive long-term growth. The company is also well positioned to benefit from acquisitions and joint ventures. The stock has outperformed the Zacks sub-industry over the past one year. However, Owens-Illinois’ results will be impacted by uncertainty in macroeconomic conditions, inflation and unfavorable foreign currency translation. In Europe, heightened competitive activity has been dragging down selling prices. “
Other analysts also recently issued reports about the company. TheStreet upgraded Owens-Illinois from a “c+” rating to a “b” rating in a report on Thursday, May 4th. Credit Suisse Group AG restated a “buy” rating and issued a $28.00 price objective on shares of Owens-Illinois in a report on Sunday, February 5th. Barclays PLC increased their price objective on Owens-Illinois from $20.00 to $22.00 and gave the company an “equal weight” rating in a report on Monday, May 1st. Jefferies Group LLC restated a “hold” rating and issued a $19.00 price objective on shares of Owens-Illinois in a report on Tuesday, February 7th. Finally, Deutsche Bank AG restated a “hold” rating and issued a $24.00 price objective (up from $20.00) on shares of Owens-Illinois in a report on Saturday, April 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company’s stock. Owens-Illinois currently has a consensus rating of “Hold” and a consensus target price of $24.00.
Owens-Illinois (NYSE:OI) traded up 0.378% on Friday, hitting $22.545. The stock had a trading volume of 283,905 shares. Owens-Illinois has a 12-month low of $16.18 and a 12-month high of $22.61. The company has a market capitalization of $3.67 billion, a PE ratio of 19.369 and a beta of 1.48. The company has a 50 day moving average of $21.41 and a 200 day moving average of $19.71.
Owens-Illinois (NYSE:OI) last posted its quarterly earnings data on Monday, April 24th. The industrial products company reported $0.58 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.53 by $0.05. The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.58 billion. Owens-Illinois had a return on equity of 86.07% and a net margin of 3.12%. Owens-Illinois’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 earnings per share. On average, equities analysts expect that Owens-Illinois will post $2.49 earnings per share for the current year.
A number of hedge funds have recently modified their holdings of OI. Colony Group LLC purchased a new stake in shares of Owens-Illinois during the first quarter worth approximately $1,705,000. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in shares of Owens-Illinois by 113.2% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,100 shares of the industrial products company’s stock worth $165,000 after buying an additional 4,300 shares during the period. Shelton Capital Management purchased a new stake in shares of Owens-Illinois during the first quarter worth approximately $253,000. Paloma Partners Management Co boosted its stake in shares of Owens-Illinois by 72.8% in the first quarter. Paloma Partners Management Co now owns 43,653 shares of the industrial products company’s stock worth $890,000 after buying an additional 18,387 shares during the period. Finally, State Street Corp boosted its stake in shares of Owens-Illinois by 4.9% in the first quarter. State Street Corp now owns 7,353,692 shares of the industrial products company’s stock worth $149,869,000 after buying an additional 343,321 shares during the period. 96.65% of the stock is currently owned by institutional investors and hedge funds.
Owens-Illinois Company Profile
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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