Stock Buyback Program Approved by Owens-Illinois (OI) Board

Owens-Illinois (NYSE:OI) announced that its board has authorized a share buyback program, which permits the company to buyback $400.00 million in shares on Tuesday, February 6th, EventVestor reports. This buyback authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

A number of research firms have recently weighed in on OI. Robert W. Baird reaffirmed a “hold” rating and set a $25.00 price target on shares of Owens-Illinois in a research note on Thursday, October 12th. ValuEngine raised Owens-Illinois from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 13th. Royal Bank of Canada set a $27.00 price objective on Owens-Illinois and gave the company a “hold” rating in a research note on Tuesday, October 17th. UBS Group reissued a “neutral” rating and issued a $27.00 price objective (up from $26.00) on shares of Owens-Illinois in a research note on Tuesday, October 24th. Finally, Bank of America raised their price objective on Owens-Illinois from $29.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $26.36.

Shares of Owens-Illinois (OI) traded up $0.74 during trading hours on Wednesday, hitting $22.43. The stock had a trading volume of 816,547 shares, compared to its average volume of 1,449,198. Owens-Illinois has a one year low of $19.12 and a one year high of $25.90. The firm has a market cap of $3,430.96, a price-to-earnings ratio of 14.76, a PEG ratio of 1.13 and a beta of 1.46. The company has a debt-to-equity ratio of 5.73, a current ratio of 1.23 and a quick ratio of 0.74.

Owens-Illinois (NYSE:OI) last announced its quarterly earnings data on Wednesday, February 7th. The industrial products company reported $0.55 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.54 by $0.01. Owens-Illinois had a return on equity of 63.33% and a net margin of 3.59%. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter last year, the firm earned $0.50 EPS. Owens-Illinois’s revenue for the quarter was up 6.3% compared to the same quarter last year. equities research analysts anticipate that Owens-Illinois will post 2.63 EPS for the current fiscal year.

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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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