Zacks Investment Research lowered shares of Owens-Illinois (NYSE:OI) from a hold rating to a sell rating in a report published on Tuesday, December 26th.
According to Zacks, “Owens-Illinois' North America sales volume continues to decline due to lower shipments, primarily in beer. The impact of the hurricanes will also hurt its fourth-quarter results. Higher supply chain and restructuring costs in Asia Pacific will impact Owens-Illinois’ results. Further, uncertainty in macroeconomic conditions, non-cash charges, volatile currency rates and high debt levels remain headwinds for the company.”
OI has been the subject of a number of other reports. Royal Bank of Canada set a $27.00 price objective on Owens-Illinois and gave the stock a hold rating in a report on Tuesday, October 17th. Bank of America boosted their price objective on Owens-Illinois from $29.00 to $30.00 and gave the stock a buy rating in a report on Wednesday, October 25th. Robert W. Baird boosted their price objective on Owens-Illinois from $25.00 to $27.00 and gave the stock a neutral rating in a report on Wednesday, October 25th. KeyCorp reissued a hold rating on shares of Owens-Illinois in a report on Friday, November 10th. Finally, ValuEngine raised Owens-Illinois from a buy rating to a strong-buy rating in a report on Friday, October 13th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $26.36.
Owens-Illinois (NYSE:OI) opened at $22.27 on Tuesday. Owens-Illinois has a 52 week low of $18.39 and a 52 week high of $25.90. The company has a debt-to-equity ratio of 5.73, a quick ratio of 0.74 and a current ratio of 1.23. The firm has a market capitalization of $3,610.00, a P/E ratio of 14.95, a P/E/G ratio of 1.16 and a beta of 1.53.
Owens-Illinois (NYSE:OI) last posted its quarterly earnings results on Monday, October 23rd. The industrial products company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.04. The business had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.77 billion. Owens-Illinois had a return on equity of 63.33% and a net margin of 3.59%. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 EPS. analysts anticipate that Owens-Illinois will post 2.64 earnings per share for the current year.
In other Owens-Illinois news, insider Timothy M. Connors sold 3,500 shares of the stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $23.86, for a total transaction of $83,510.00. Following the sale, the insider now owns 19,624 shares in the company, valued at $468,228.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.50% of the company’s stock.
Several large investors have recently bought and sold shares of OI. BlackRock Inc. raised its position in shares of Owens-Illinois by 3.5% in the second quarter. BlackRock Inc. now owns 15,167,509 shares of the industrial products company’s stock worth $362,806,000 after buying an additional 512,032 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Owens-Illinois by 0.7% in the third quarter. Great West Life Assurance Co. Can now owns 7,997,182 shares of the industrial products company’s stock worth $201,104,000 after buying an additional 58,137 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Owens-Illinois by 15.1% in the third quarter. Prudential Financial Inc. now owns 3,916,784 shares of the industrial products company’s stock worth $98,546,000 after buying an additional 513,679 shares in the last quarter. Thrivent Financial For Lutherans raised its position in shares of Owens-Illinois by 30.7% in the second quarter. Thrivent Financial For Lutherans now owns 2,929,740 shares of the industrial products company’s stock worth $70,080,000 after buying an additional 688,720 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Owens-Illinois by 36.9% in the second quarter. LSV Asset Management now owns 2,271,378 shares of the industrial products company’s stock worth $54,331,000 after buying an additional 612,600 shares in the last quarter. Hedge funds and other institutional investors own 93.58% of the company’s stock.
TRADEMARK VIOLATION NOTICE: This piece was first posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this piece on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The legal version of this piece can be viewed at https://www.dispatchtribunal.com/2018/01/12/zacks-investment-research-downgrades-owens-illinois-oi-to-sell.html.
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.
Get a free copy of the Zacks research report on Owens-Illinois (OI)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Owens-Illinois Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens-Illinois and related companies with MarketBeat.com's FREE daily email newsletter.