Wall Street analysts expect that Owens-Illinois Inc (NYSE:OI) will post sales of $1.78 billion for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Owens-Illinois’ earnings, with the highest sales estimate coming in at $1.81 billion and the lowest estimate coming in at $1.76 billion. Owens-Illinois posted sales of $1.73 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 2.9%. The company is expected to issue its next earnings report on Tuesday, October 29th.
According to Zacks, analysts expect that Owens-Illinois will report full-year sales of $6.87 billion for the current fiscal year, with estimates ranging from $6.82 billion to $6.91 billion. For the next year, analysts anticipate that the business will post sales of $6.99 billion, with estimates ranging from $6.82 billion to $7.15 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that follow Owens-Illinois.
Owens-Illinois (NYSE:OI) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.07). The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Owens-Illinois had a return on equity of 39.73% and a net margin of 3.76%. Owens-Illinois’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.77 EPS.
Several research analysts have commented on OI shares. Bank of America lowered Owens-Illinois from a “buy” rating to a “neutral” rating in a research report on Friday, August 2nd. Citigroup dropped their target price on Owens-Illinois from $19.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. Wells Fargo & Co raised Owens-Illinois from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $20.00 to $24.00 in a report on Wednesday, May 15th. ValuEngine lowered Owens-Illinois from a “sell” rating to a “strong sell” rating in a report on Thursday, August 1st. Finally, Goldman Sachs Group raised Owens-Illinois from a “sell” rating to a “neutral” rating and dropped their target price for the company from $17.00 to $13.00 in a report on Monday, August 5th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $18.89.
In other news, Director Carol A. Williams purchased 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was bought at an average cost of $12.21 per share, for a total transaction of $122,100.00. Following the completion of the purchase, the director now directly owns 60,761 shares of the company’s stock, valued at approximately $741,891.81. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.90% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in Owens-Illinois by 30.7% during the first quarter. JPMorgan Chase & Co. now owns 383,051 shares of the industrial products company’s stock worth $7,271,000 after purchasing an additional 89,913 shares during the last quarter. FMR LLC lifted its position in shares of Owens-Illinois by 33.0% during the 4th quarter. FMR LLC now owns 1,567,548 shares of the industrial products company’s stock valued at $27,025,000 after buying an additional 389,051 shares in the last quarter. Foundry Partners LLC lifted its position in shares of Owens-Illinois by 8.9% during the 1st quarter. Foundry Partners LLC now owns 572,442 shares of the industrial products company’s stock valued at $10,865,000 after buying an additional 47,023 shares in the last quarter. Brightline Capital Management LLC purchased a new position in shares of Owens-Illinois during the 1st quarter valued at approximately $1,708,000. Finally, AJO LP purchased a new position in shares of Owens-Illinois during the 1st quarter valued at approximately $439,000. 91.17% of the stock is currently owned by institutional investors.
OI traded down $0.38 during trading on Thursday, hitting $10.48. 2,074,099 shares of the stock were exchanged, compared to its average volume of 1,301,772. The firm has a market capitalization of $1.76 billion, a P/E ratio of 3.85, a PEG ratio of 1.41 and a beta of 1.41. Owens-Illinois has a 1-year low of $10.30 and a 1-year high of $20.78. The stock has a fifty day moving average price of $15.60 and a two-hundred day moving average price of $17.84. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 5.72.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.05 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.20 annualized dividend and a yield of 1.91%. Owens-Illinois’s dividend payout ratio is presently 7.35%.
Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Americas, Europe, and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. The company is also involved in the production of glass packaging for various food items, soft drinks, teas, juices, and pharmaceuticals.
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