Alliancebernstein L.P. lowered its stake in shares of Owens-Illinois (NYSE:OI) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 100,544 shares of the industrial products company’s stock after selling 7,870 shares during the quarter. Alliancebernstein L.P.’s holdings in Owens-Illinois were worth $2,229,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the business. LSV Asset Management lifted its position in Owens-Illinois by 38.9% during the 4th quarter. LSV Asset Management now owns 4,343,542 shares of the industrial products company’s stock valued at $96,296,000 after purchasing an additional 1,216,999 shares during the period. Bank of Montreal Can lifted its position in Owens-Illinois by 10,107.7% during the 4th quarter. Bank of Montreal Can now owns 1,015,977 shares of the industrial products company’s stock valued at $22,524,000 after purchasing an additional 1,006,024 shares during the period. Waverton Investment Management Ltd lifted its position in Owens-Illinois by 9,971.9% during the 4th quarter. Waverton Investment Management Ltd now owns 1,014,841 shares of the industrial products company’s stock valued at $22,499,000 after purchasing an additional 1,004,765 shares during the period. Prudential Financial Inc. lifted its position in Owens-Illinois by 15.1% during the 3rd quarter. Prudential Financial Inc. now owns 3,916,784 shares of the industrial products company’s stock valued at $98,546,000 after purchasing an additional 513,679 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Owens-Illinois by 147.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 681,303 shares of the industrial products company’s stock valued at $17,183,000 after purchasing an additional 406,454 shares during the period. 95.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:OI opened at $21.00 on Monday. The company has a market capitalization of $3,425.27, a P/E ratio of 7.92, a PEG ratio of 1.32 and a beta of 1.41. The company has a debt-to-equity ratio of 5.52, a quick ratio of 0.61 and a current ratio of 1.06. Owens-Illinois has a fifty-two week low of $19.86 and a fifty-two week high of $25.90.
Owens-Illinois (NYSE:OI) last announced its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.01. The business had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.72 billion. Owens-Illinois had a net margin of 2.65% and a return on equity of 53.60%. Owens-Illinois’s revenue for the quarter was up 6.3% on a year-over-year basis. During the same period last year, the company posted $0.50 EPS. analysts forecast that Owens-Illinois will post 2.81 EPS for the current fiscal year.
Owens-Illinois announced that its Board of Directors has approved a stock repurchase program on Tuesday, February 6th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the industrial products company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.
A number of research firms have issued reports on OI. Zacks Investment Research downgraded shares of Owens-Illinois from a “hold” rating to a “sell” rating in a research report on Monday, January 29th. Royal Bank of Canada restated a “hold” rating and set a $26.00 target price on shares of Owens-Illinois in a research report on Thursday, December 14th. Vertical Research upgraded shares of Owens-Illinois to a “buy” rating and set a $27.00 target price on the stock in a research report on Wednesday, February 7th. ValuEngine upgraded shares of Owens-Illinois from a “hold” rating to a “buy” rating in a research report on Wednesday, March 7th. Finally, Wells Fargo cut their target price on shares of Owens-Illinois from $24.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday, February 9th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. Owens-Illinois currently has a consensus rating of “Hold” and an average price target of $26.00.
In related news, SVP Moyano Giancarlo Currarino sold 11,910 shares of the stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $22.57, for a total value of $268,808.70. Following the sale, the senior vice president now directly owns 28,070 shares in the company, valued at approximately $633,539.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.50% of the company’s stock.
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Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Europe, North America, Latin America, and the Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.
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