Owens-Illinois (OI) Cut to Underweight at KeyCorp

Owens-Illinois (NYSE:OI) was downgraded by equities research analysts at KeyCorp from a “sector weight” rating to an “underweight” rating in a report released on Sunday. They currently have a $18.30 price target on the industrial products company’s stock. KeyCorp’s target price would indicate a potential upside of 3.80% from the stock’s previous close.

A number of other brokerages have also recently issued reports on OI. Zacks Investment Research cut Owens-Illinois from a “hold” rating to a “sell” rating in a report on Tuesday, September 25th. Wells Fargo & Co increased their price objective on Owens-Illinois from $18.00 to $20.00 and gave the stock a “market perform” rating in a report on Thursday, November 15th. 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 report on Friday, November 9th. Finally, Credit Suisse Group dropped their price objective on Owens-Illinois from $32.00 to $24.00 and set an “outperform” rating on the stock in a report on Monday, November 12th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $23.02.

Shares of NYSE OI traded up $0.19 during trading on Friday, reaching $17.63. 1,584,928 shares of the stock traded hands, compared to its average volume of 1,335,524. Owens-Illinois has a 52-week low of $15.67 and a 52-week high of $24.00. The company has a debt-to-equity ratio of 5.14, a current ratio of 1.32 and a quick ratio of 0.84. The stock has a market capitalization of $2.80 billion, a PE ratio of 6.65, a P/E/G ratio of 0.94 and a beta of 1.50.

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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Kentucky Retirement Systems bought a new position in Owens-Illinois in the 3rd quarter worth about $487,000. AQR Capital Management LLC increased its stake in Owens-Illinois by 877.8% in the 3rd quarter. AQR Capital Management LLC now owns 551,367 shares of the industrial products company’s stock worth $10,360,000 after acquiring an additional 494,978 shares during the last quarter. Brown Brothers Harriman & Co. increased its stake in Owens-Illinois by 44.2% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 21,245 shares of the industrial products company’s stock worth $399,000 after acquiring an additional 6,511 shares during the last quarter. Mackenzie Financial Corp bought a new position in Owens-Illinois in the 3rd quarter worth about $378,000. Finally, Thrivent Financial for Lutherans increased its stake in Owens-Illinois by 15.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 3,105,150 shares of the industrial products company’s stock worth $58,345,000 after acquiring an additional 425,347 shares during the last quarter. Institutional investors and hedge funds own 91.59% of the company’s stock.

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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Analyst Recommendations for Owens-Illinois (NYSE:OI)

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