Owens-Illinois (OI) Downgraded to “Sell” at Zacks Investment Research
Owens-Illinois (NYSE:OI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “For third-quarter 2018, Owens-Illinois projects adjusted earnings per share to be around 75 cents, down 2.6% year over year. For 2018, the company guides EPS at $2.75-$2.85. Owens-Illinois' results are likely to be affected by the negative impact of foreign currency exchange rates. Further, continued decline of beer consumption in domestic market and high-debt levels remain concerns. The stock has underperformed the industry over the past year. Its estimates have gone down over the past 60 days.”
Other equities analysts also recently issued research reports about the stock. Robert W. Baird cut their price objective on shares of Owens-Illinois from $25.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, July 25th. Barclays cut their price objective on shares of Owens-Illinois from $25.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 27th. Bank of America set a $22.00 price objective on shares of Owens-Illinois and gave the company a “hold” rating in a report on Wednesday, July 25th. TheStreet downgraded shares of Owens-Illinois from a “b-” rating to a “c” rating in a report on Wednesday, June 6th. Finally, Citigroup cut their price target on shares of Owens-Illinois from $29.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, July 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $23.99.
Owens-Illinois (NYSE:OI) last posted its quarterly earnings data on Monday, July 23rd. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.03. Owens-Illinois had a net margin of 2.01% and a return on equity of 45.52%. The firm had revenue of $1.80 billion for the quarter, compared to the consensus estimate of $1.81 billion. During the same quarter in the prior year, the company posted $0.75 earnings per share. analysts anticipate that Owens-Illinois will post 2.74 earnings per share for the current fiscal year.
Large investors have recently modified their holdings of the stock. TLP Group LLC increased its holdings in Owens-Illinois by 188,750.0% in the 1st quarter. TLP Group LLC now owns 7,554 shares of the industrial products company’s stock worth $164,000 after buying an additional 7,550 shares during the period. Point72 Hong Kong Ltd grew its stake in shares of Owens-Illinois by 99,050.0% during the 2nd quarter. Point72 Hong Kong Ltd now owns 7,932 shares of the industrial products company’s stock worth $133,000 after purchasing an additional 7,924 shares during the period. Hartford Investment Management Co. acquired a new stake in shares of Owens-Illinois during the 2nd quarter worth approximately $168,000. Fox Run Management L.L.C. acquired a new stake in shares of Owens-Illinois during the 2nd quarter worth approximately $172,000. Finally, Sei Investments Co. grew its stake in shares of Owens-Illinois by 56.3% during the 1st quarter. Sei Investments Co. now owns 11,665 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 4,200 shares during the period. Institutional investors own 93.05% of the company’s stock.
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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