Zacks Investment Research Downgrades Owens-Illinois, Inc. (OI) to Sell
Owens-Illinois, Inc. (NYSE:OI) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Owens-Illinois projects adjusted third-quarter earnings per share (EPS) to lie between 70 cents and 75 cents. The mid-point of the range reflects a year-over-year growth of 6.6%. However, higher corporate and restructuring costs, higher taxes will impact earnings in the next quarter. The mid point of the EPS guidance of $2.55-$2.65 for 2017 reflects a year–over-year growth of 12.6%. However, high debt levels and interest expenses remain a concern. Also pressure of competition from manufacturers of alternative forms of packaging, such as aluminum cans and plastic containers, persists.”
Several other analysts also recently commented on the stock. Royal Bank Of Canada reissued a “hold” rating and issued a $22.00 target price on shares of Owens-Illinois in a research report on Thursday, July 6th. BidaskClub raised shares of Owens-Illinois from a “hold” rating to a “buy” rating in a report on Thursday, June 29th. Robert W. Baird reaffirmed a “hold” rating and set a $25.00 price objective on shares of Owens-Illinois in a report on Friday, September 1st. UBS AG assumed coverage on shares of Owens-Illinois in a report on Tuesday, September 5th. They set a “neutral” rating and a $26.00 price objective for the company. Finally, BMO Capital Markets reaffirmed a “hold” rating and set a $25.00 price objective on shares of Owens-Illinois in a report on Sunday, August 27th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $25.60.
Owens-Illinois (NYSE OI) traded up 0.28% during trading on Tuesday, hitting $25.49. 200,358 shares of the company traded hands. The firm has a 50 day moving average of $24.38 and a 200 day moving average of $22.95. Owens-Illinois has a one year low of $16.80 and a one year high of $25.59. The firm has a market cap of $4.15 billion, a P/E ratio of 18.47 and a beta of 1.49.
Owens-Illinois (NYSE:OI) last posted its earnings results on Monday, July 31st. The industrial products company reported $0.75 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.67 by $0.08. The company had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.77 billion. Owens-Illinois had a net margin of 3.36% and a return on equity of 72.15%. The company’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, analysts expect that Owens-Illinois will post $2.63 earnings per share for the current fiscal year.
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In other news, SVP Moyano Giancarlo Currarino sold 1,360 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $23.97, for a total value of $32,599.20. Following the completion of the transaction, the senior vice president now owns 23,954 shares in the company, valued at approximately $574,177.38. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Sergio B.O. Galindo sold 5,477 shares of the stock in a transaction on Friday, September 1st. The shares were sold at an average price of $24.93, for a total transaction of $136,541.61. Following the completion of the transaction, the insider now owns 34,890 shares of the company’s stock, valued at approximately $869,807.70. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.
Hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale raised its stake in shares of Owens-Illinois by 104.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 4,635 shares of the industrial products company’s stock valued at $110,000 after buying an additional 2,366 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Owens-Illinois in the 2nd quarter valued at $113,000. Acrospire Investment Management LLC raised its stake in shares of Owens-Illinois by 163.8% in the 2nd quarter. Acrospire Investment Management LLC now owns 6,714 shares of the industrial products company’s stock valued at $161,000 after buying an additional 4,169 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in shares of Owens-Illinois by 113.2% in the 1st quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,100 shares of the industrial products company’s stock valued at $165,000 after buying an additional 4,300 shares in the last quarter. Finally, Flinton Capital Management LLC raised its stake in shares of Owens-Illinois by 74.4% in the 2nd quarter. Flinton Capital Management LLC now owns 7,200 shares of the industrial products company’s stock valued at $172,000 after buying an additional 3,072 shares in the last quarter. Institutional investors own 95.06% of the company’s stock.
Owens-Illinois Company Profile
Owens-Illinois, Inc is a manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company’s segments include Europe, North America, Latin America and Asia Pacific. The Company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.
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