Owens-Illinois (NYSE:OI) – KeyCorp decreased their Q2 2018 earnings estimates for shares of Owens-Illinois in a report issued on Tuesday, April 24th. KeyCorp analyst A. Josephson now expects that the industrial products company will post earnings per share of $0.75 for the quarter, down from their previous estimate of $0.76. KeyCorp has a “Hold” rating on the stock. KeyCorp also issued estimates for Owens-Illinois’ Q3 2018 earnings at $0.80 EPS, Q4 2018 earnings at $0.66 EPS and FY2019 earnings at $2.84 EPS.
Owens-Illinois (NYSE:OI) last released its earnings results on Monday, April 23rd. The industrial products company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. Owens-Illinois had a net margin of 3.30% and a return on equity of 46.76%. The company had revenue of $1.74 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the company posted $0.58 EPS. The company’s revenue was up 7.5% compared to the same quarter last year.
OI has been the topic of a number of other reports. TheStreet upgraded shares of Owens-Illinois from a “c” rating to a “b-” rating in a research report on Monday. Bank of America downgraded shares of Owens-Illinois from a “buy” rating to a “neutral” rating and set a $27.00 target price on the stock. in a research report on Wednesday. Robert W. Baird cut their target price on shares of Owens-Illinois from $27.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday. Zacks Investment Research upgraded shares of Owens-Illinois from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Thursday, April 19th. Finally, Wells Fargo cut their target price on shares of Owens-Illinois from $23.00 to $22.00 and set a “market perform” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $25.54.
Owens-Illinois stock opened at $20.82 on Thursday. The company has a debt-to-equity ratio of 5.04, a quick ratio of 0.61 and a current ratio of 1.33. Owens-Illinois has a 1 year low of $19.45 and a 1 year high of $25.90. The stock has a market cap of $3,353.49, a price-to-earnings ratio of 7.86, a price-to-earnings-growth ratio of 1.29 and a beta of 1.41.
A number of hedge funds and other institutional investors have recently bought and sold shares of OI. Advisors Preferred LLC increased its stake in Owens-Illinois by 366.7% during the 4th quarter. Advisors Preferred LLC now owns 5,498 shares of the industrial products company’s stock worth $122,000 after purchasing an additional 4,320 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in Owens-Illinois during the 4th quarter worth approximately $188,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Owens-Illinois by 43.7% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,889 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 2,702 shares in the last quarter. Neuberger Berman Group LLC bought a new stake in Owens-Illinois during the 3rd quarter worth approximately $211,000. Finally, Eagle Asset Management Inc. bought a new stake in Owens-Illinois during the 4th quarter worth approximately $221,000. 95.22% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Moyano Giancarlo Currarino sold 11,910 shares of the company’s stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $22.57, for a total value of $268,808.70. Following the completion of the sale, the senior vice president now directly owns 28,070 shares of the company’s stock, valued at approximately $633,539.90. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company’s stock.
Owens-Illinois announced that its board has initiated a share repurchase program on Tuesday, February 6th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the industrial products company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.
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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