Owens-Illinois (OI) Cut to Underweight at KeyCorp

KeyCorp cut shares of Owens-Illinois (NYSE:OI) from a sector weight rating to an underweight rating in a research report report published on Monday morning, Marketbeat Ratings reports. KeyCorp currently has $16.00 price objective on the industrial products company’s stock.

Several other research firms have also commented on OI. Bank of America raised Owens-Illinois from a neutral rating to a buy rating and set a $22.00 price objective on the stock in a research report on Friday, November 9th. Wells Fargo & Co raised their price objective on Owens-Illinois from $18.00 to $20.00 and gave the company a market perform rating in a research report on Thursday, November 15th. Credit Suisse Group cut their price objective on Owens-Illinois from $32.00 to $24.00 and set an outperform rating on the stock in a research report on Monday, November 12th. Finally, Zacks Investment Research lowered Owens-Illinois from a hold rating to a sell rating in a research report on Tuesday, September 25th. Three research analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $22.81.

Shares of OI opened at $17.32 on Monday. The company has a debt-to-equity ratio of 5.14, a quick ratio of 0.84 and a current ratio of 1.32. The firm has a market capitalization of $2.92 billion, a P/E ratio of 6.54, a PEG ratio of 0.99 and a beta of 1.50. Owens-Illinois has a twelve month low of $15.67 and a twelve month high of $24.53.

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

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 12th. Stockholders of record on Tuesday, January 22nd will be given 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.

Hedge funds and other institutional investors have recently made changes to their positions in the company. SRS Capital Advisors Inc. purchased a new stake in shares of Owens-Illinois during the third quarter worth about $109,000. Point72 Hong Kong Ltd increased its position in shares of Owens-Illinois by 99,050.0% during the second quarter. Point72 Hong Kong Ltd now owns 7,932 shares of the industrial products company’s stock worth $133,000 after acquiring an additional 7,924 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Owens-Illinois during the third quarter worth about $152,000. US Bancorp DE increased its position in shares of Owens-Illinois by 77.6% during the third quarter. US Bancorp DE now owns 8,146 shares of the industrial products company’s stock worth $153,000 after acquiring an additional 3,558 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd purchased a new stake in shares of Owens-Illinois during the third quarter worth about $170,000. 91.59% of the stock is currently owned by institutional investors and hedge funds.

About Owens-Illinois

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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