Owens-Illinois (OI) Shares Down 6.7%

Owens-Illinois Inc (NYSE:OI)’s share price traded down 6.7% on Tuesday . The company traded as low as $17.15 and last traded at $17.32. 2,163,123 shares were traded during trading, an increase of 51% from the average session volume of 1,429,189 shares. The stock had previously closed at $18.57.

Several equities research analysts have weighed in on the stock. Bank of America raised shares of Owens-Illinois from a “neutral” rating to a “buy” rating and set a $22.00 price target for the company in a research note on Friday, November 9th. KeyCorp downgraded shares of Owens-Illinois from a “sector weight” rating to an “underweight” rating and set a $16.00 price target for the company. in a research note on Monday. Wells Fargo & Co lifted their price target on shares of Owens-Illinois from $18.00 to $20.00 and gave the company a “market perform” rating in a research note on Thursday, November 15th. Credit Suisse Group decreased their price target on shares of Owens-Illinois from $32.00 to $24.00 and set an “outperform” rating for the company in a research note on Monday, November 12th. Finally, Zacks Investment Research downgraded shares of Owens-Illinois from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Owens-Illinois currently has a consensus rating of “Hold” and a consensus price target of $22.81.

The firm has a market cap of $2.92 billion, a PE ratio of 6.54, a PEG ratio of 0.99 and a beta of 1.50. The company has a current ratio of 1.32, a quick ratio of 0.84 and a debt-to-equity ratio of 5.14.

Owens-Illinois (NYSE:OI) last issued its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.75. The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Owens-Illinois had a net margin of 1.94% and a return on equity of 43.27%. The business’s revenue was down 5.6% on a year-over-year basis. During the same period last year, the company earned $0.77 earnings per share. As a group, equities research analysts expect that Owens-Illinois Inc will post 2.73 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 12th. Stockholders of record on Tuesday, January 22nd will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date is Friday, January 18th.

A number of institutional investors have recently added to or reduced their stakes in OI. Comerica Bank boosted its holdings in Owens-Illinois by 4.2% during the second quarter. Comerica Bank now owns 428,513 shares of the industrial products company’s stock worth $7,173,000 after purchasing an additional 17,319 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Owens-Illinois in the second quarter valued at about $734,000. Sei Investments Co. boosted its stake in Owens-Illinois by 76.8% in the second quarter. Sei Investments Co. now owns 20,618 shares of the industrial products company’s stock valued at $347,000 after acquiring an additional 8,953 shares during the last quarter. Boston Partners boosted its stake in Owens-Illinois by 1.9% in the second quarter. Boston Partners now owns 1,599,603 shares of the industrial products company’s stock valued at $26,889,000 after acquiring an additional 29,272 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its stake in Owens-Illinois by 62.5% in the second quarter. Engineers Gate Manager LP now owns 95,062 shares of the industrial products company’s stock valued at $1,598,000 after acquiring an additional 36,574 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

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About Owens-Illinois (NYSE:OI)

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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