Zacks Investment Research upgraded shares of Owens-Illinois (NYSE:OI) from a hold rating to a buy rating in a research note released on Thursday morning. The brokerage currently has $24.00 price objective on the industrial products company’s stock.
According to Zacks, “For 2018, Owens-Illinois guides earnings in the range of $2.75-$2.85 per share, a 6% year-over-year rise at the mid-point. The extension and expansion of joint venture (JV) with Constellation Brands will allow the company to realize attractive opportunities in Mexican beer exports to the United States. Its focus on Total Systems Cost (“TSC”) contributed approximately $39 million during 2017. In 2018, the company projects $30 million of incremental benefit after taking into account higher spending on engineering activity and factory expansion. Overall in 2018, positive trends in volumes and focus on Total System Costs will likely lead to higher earnings and cash flow. The company is improving productivity across all businesses, functions, processes and geographies. The company has a positive record of earnings surprises in the last few quarters. The stock has outperformed the industry over the past year. “
A number of other research firms have also recently weighed in on OI. Vertical Research raised shares of Owens-Illinois to a buy rating and set a $27.00 price objective for the company in a research report on Wednesday, February 7th. ValuEngine raised shares of Owens-Illinois from a hold rating to a buy rating in a research report on Wednesday, March 7th. Finally, Wells Fargo lowered their price objective on shares of Owens-Illinois from $24.00 to $23.00 and set a market perform rating for the company in a research report on Friday, February 9th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $25.91.
Owens-Illinois stock opened at $21.63 on Thursday. Owens-Illinois has a 1-year low of $20.39 and a 1-year high of $25.90. The company has a debt-to-equity ratio of 5.52, a current ratio of 1.06 and a quick ratio of 0.61. The company has a market capitalization of $3,528.03, a PE ratio of 8.16, a PEG ratio of 1.36 and a beta of 1.41.
Owens-Illinois (NYSE:OI) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.01. Owens-Illinois had a net margin of 2.65% and a return on equity of 53.60%. The business had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.72 billion. During the same quarter in the prior year, the company posted $0.50 EPS. The business’s revenue for the quarter was up 6.3% on a year-over-year basis. equities analysts forecast that Owens-Illinois will post 2.81 earnings per share for the current fiscal year.
Owens-Illinois announced that its board has initiated a share buyback program on Tuesday, February 6th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the industrial products company to purchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
In other Owens-Illinois 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 transaction 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 transaction was disclosed in a document filed with the SEC, which is available through this link. 0.70% of the stock is owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. LSV Asset Management raised its holdings in shares of Owens-Illinois by 38.9% in 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 in the last quarter. Bank of Montreal Can raised its holdings in shares of Owens-Illinois by 10,107.7% in 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 in the last quarter. Waverton Investment Management Ltd raised its holdings in shares of Owens-Illinois by 9,971.9% in 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 in the last quarter. Prudential Financial Inc. raised its holdings in shares of Owens-Illinois by 15.1% in 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 in the last quarter. Finally, Boston Partners raised its holdings in shares of Owens-Illinois by 46.0% in the 4th quarter. Boston Partners now owns 1,288,279 shares of the industrial products company’s stock valued at $28,561,000 after purchasing an additional 405,887 shares in the last quarter. Institutional investors own 95.20% of the company’s stock.
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Owens-Illinois Company Profile
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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