Olstein Capital Management L.P. lowered its position in shares of Owens-Illinois Inc (NYSE:OI) by 8.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 387,837 shares of the industrial products company’s stock after selling 36,663 shares during the quarter. Owens-Illinois accounts for approximately 1.2% of Olstein Capital Management L.P.’s investment portfolio, making the stock its 25th largest position. Olstein Capital Management L.P.’s holdings in Owens-Illinois were worth $7,361,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in Owens-Illinois by 0.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,296,265 shares of the industrial products company’s stock valued at $56,828,000 after buying an additional 8,718 shares in the last quarter. South Dakota Investment Council boosted its stake in Owens-Illinois by 2.5% during the fourth quarter. South Dakota Investment Council now owns 252,600 shares of the industrial products company’s stock valued at $4,355,000 after buying an additional 6,100 shares in the last quarter. Bank of Nova Scotia bought a new position in Owens-Illinois during the fourth quarter valued at about $2,069,000. PNC Financial Services Group Inc. boosted its stake in Owens-Illinois by 22.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 90,500 shares of the industrial products company’s stock valued at $1,560,000 after buying an additional 16,394 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Owens-Illinois by 19.5% during the third quarter. JPMorgan Chase & Co. now owns 523,606 shares of the industrial products company’s stock valued at $9,838,000 after buying an additional 85,424 shares in the last quarter. 95.67% of the stock is owned by institutional investors and hedge funds.

A number of research firms recently weighed in on OI. ValuEngine upgraded Owens-Illinois from a “strong sell” rating to a “sell” rating in a research report on Tuesday, April 30th. UFS upgraded Owens-Illinois from a “neutral” rating to a “buy” rating in a research report on Tuesday, April 30th. Bank of America upgraded Owens-Illinois from a “neutral” rating to a “buy” rating and increased their price target for the company from $21.00 to $24.00 in a research report on Tuesday, April 30th. Zacks Investment Research lowered Owens-Illinois from a “hold” rating to a “sell” rating in a research report on Friday, February 1st. Finally, Wells Fargo & Co upgraded Owens-Illinois from a “market perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $24.00 in a research report on Wednesday, May 15th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $21.81.

NYSE:OI opened at $17.14 on Tuesday. The company has a debt-to-equity ratio of 5.76, a current ratio of 1.39 and a quick ratio of 0.83. Owens-Illinois Inc has a 1-year low of $15.67 and a 1-year high of $20.78. The firm has a market capitalization of $2.64 billion, a P/E ratio of 6.30, a P/E/G ratio of 0.84 and a beta of 1.35.

Owens-Illinois (NYSE:OI) last announced its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.02). The business had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Owens-Illinois had a return on equity of 43.45% and a net margin of 3.53%. The firm’s revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.59 earnings per share. Research analysts expect that Owens-Illinois Inc will post 2.91 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Thursday, May 30th. Owens-Illinois’s dividend payout ratio is currently 7.35%.

In related news, SVP Moyano Giancarlo Currarino sold 57,560 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $19.68, for a total value of $1,132,780.80. Following the completion of the sale, the senior vice president now directly owns 63,508 shares of the company’s stock, valued at approximately $1,249,837.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Timothy M. Connors sold 44,715 shares of the stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $19.55, for a total value of $874,178.25. Following the completion of the sale, the insider now directly owns 48,105 shares of the company’s stock, valued at $940,452.75. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by corporate insiders.

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Owens-Illinois Profile

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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Institutional Ownership by Quarter for Owens-Illinois (NYSE:OI)

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