Owens-Illinois, Inc. (NYSE:OI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $27.00 target price on the industrial products company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 10.47% from the stock’s current price.
According to Zacks, “Owens-Illinois' fiscal 2017 earnings per share guidance of $2.55-$2.65 reflect solid operating performance in the year so far and expectations of favorable currency translation and a lower tax rate. The mid-point of the range reflects a year–over-year growth of 12.6%. The company’s focus on simplifying the organization, elevating productivity, expanding customer relationships, strategic initiatives and reducing the structural cost will drive long-term growth. It is also well positioned to benefit from acquisitions and joint ventures. The stock has outperformed the industry year to date. Its estimates have also gone up lately.”
A number of other research firms also recently commented on OI. UBS AG initiated coverage on shares of Owens-Illinois in a report on Tuesday, September 5th. They issued a “neutral” rating and a $26.00 price objective for the company. Jefferies Group LLC restated a “hold” rating and set a $27.00 price target (up previously from $26.00) on shares of Owens-Illinois in a report on Wednesday, August 2nd. Robert W. Baird restated a “hold” rating and set a $25.00 price target on shares of Owens-Illinois in a report on Friday, September 1st. BidaskClub downgraded shares of Owens-Illinois from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 25th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $24.00 price target on shares of Owens-Illinois in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Owens-Illinois has a consensus rating of “Hold” and an average price target of $25.60.
Owens-Illinois (NYSE:OI) last released its quarterly earnings data on Monday, July 31st. The industrial products company reported $0.75 EPS for the quarter, beating the Zacks’ 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%. Owens-Illinois’s quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.65 EPS.
In related news, SVP Moyano Giancarlo Currarino sold 1,360 shares of Owens-Illinois stock in a transaction that occurred 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 sale, the senior vice president now owns 23,954 shares in the company, valued at approximately $574,177.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sergio B.O. Galindo sold 5,477 shares of Owens-Illinois stock in a transaction that occurred 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 sale, 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 currently owned by company insiders.
Institutional investors have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale increased its holdings in 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 purchasing an additional 2,366 shares during the last quarter. Acadian Asset Management LLC purchased a new position in Owens-Illinois in the 2nd quarter valued at approximately $113,000. Acrospire Investment Management LLC boosted its position in 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 during the period. OLD Mutual Customised Solutions Proprietary Ltd. boosted its position in 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 during the period. Finally, Flinton Capital Management LLC boosted its position in 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 during the period. Hedge funds and other institutional investors own 95.06% of the company’s stock.
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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