Owens-Illinois Inc. (OI) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Owens-Illinois Inc. (NYSE:OI) from a hold rating to a buy rating in a report issued on Thursday. Zacks Investment Research currently has $19.00 price target on the stock.
According to Zacks, “For 2016, Owens-Illinois is targeting 1% volume growth and a 100 basis points expansion in segment margins. The company maintained its adjusted earnings per share guidance for 2016 in the range of $2.25–$2.35. It will benefit from the Vitro's food and beverage business buyout. The acquired business will contribute annual revenues of $945 million to Owens-Illinois’ business. Further, successful joint venture with Constellation and asset optimization program in Europe will also drive its results. These are well reflected in the company’s positive record of earnings surprises in recent quarters.”
OI has been the topic of several other research reports. TheStreet raised shares of Owens-Illinois from a sell rating to a hold rating in a research note on Wednesday, June 15th. Morgan Stanley reaffirmed an equal weight rating and set a $40.00 target price on shares of Owens-Illinois in a research note on Saturday, August 13th. RBC Capital Markets assumed coverage on shares of Owens-Illinois in a research note on Thursday, September 29th. They set a sector perform rating and a $18.00 target price on the stock. Royal Bank Of Canada assumed coverage on shares of Owens-Illinois in a research note on Friday, September 30th. They set a sector perform rating and a $18.00 target price on the stock. Finally, Citigroup Inc. reaffirmed a buy rating and set a $22.00 target price on shares of Owens-Illinois in a research note on Friday, July 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. Owens-Illinois has an average rating of Hold and a consensus target price of $20.80.
Owens-Illinois (NYSE:OI) opened at 17.37 on Thursday. Owens-Illinois has a 1-year low of $11.58 and a 1-year high of $24.05. The stock has a market cap of $2.82 billion, a P/E ratio of 14.49 and a beta of 1.96. The company has a 50-day moving average of $17.79 and a 200 day moving average of $18.18.
Owens-Illinois (NYSE:OI) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.63 by $0.02. The company earned $1.76 billion during the quarter, compared to analyst estimates of $1.73 billion. Owens-Illinois had a negative net margin of 0.20% and a positive return on equity of 67.16%. The firm’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. Analysts predict that Owens-Illinois will post $2.32 EPS for the current year.
A number of hedge funds have recently modified their holdings of OI. CrestPoint Capital Management LLC acquired a new stake in shares of Owens-Illinois during the third quarter worth about $210,000. Fox Run Management L.L.C. raised its stake in shares of Owens-Illinois by 86.6% in the third quarter. Fox Run Management L.L.C. now owns 32,100 shares of the company’s stock worth $590,000 after buying an additional 14,900 shares during the period. Creative Planning raised its stake in shares of Owens-Illinois by 34.4% in the third quarter. Creative Planning now owns 23,462 shares of the company’s stock worth $431,000 after buying an additional 6,000 shares during the period. Trinity Street Asset Management LLP raised its stake in shares of Owens-Illinois by 1.3% in the third quarter. Trinity Street Asset Management LLP now owns 1,525,854 shares of the company’s stock worth $28,060,000 after buying an additional 19,392 shares during the period. Finally, Foundry Partners LLC raised its stake in shares of Owens-Illinois by 5.2% in the third quarter. Foundry Partners LLC now owns 242,540 shares of the company’s stock worth $4,460,000 after buying an additional 12,017 shares during the period. Institutional investors own 93.93% of the company’s stock.
Owens-Illinois Company Profile
Owens-Illinois, Inc is engaged in the manufacturing of glass containers. The Company’s principal product lines are glass containers for the food and beverage industries. Its segments include Europe, North America, Latin America and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.
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