Stock Buyback Program Declared by Owens-Illinois (OI) Board
Owens-Illinois (NYSE:OI) announced that its board has initiated a stock repurchase program, which authorizes the company to repurchase $400.00 million in outstanding shares on Tuesday, February 6th, EventVestor reports. This repurchase authorization authorizes the industrial products company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Several research firms have issued reports on OI. Wells Fargo & Co decreased their price target on shares of Owens-Illinois from $24.00 to $23.00 and set a “market perform” rating on the stock in a research report on Friday. Vertical Research upgraded shares of Owens-Illinois to a “buy” rating and set a $27.00 price target on the stock in a research report on Wednesday, February 7th. Zacks Investment Research lowered shares of Owens-Illinois from a “hold” rating to a “sell” rating in a research report on Monday, January 29th. Royal Bank of Canada restated a “hold” rating and issued a $26.00 price target on shares of Owens-Illinois in a research report on Thursday, December 14th. Finally, KeyCorp restated a “hold” rating on shares of Owens-Illinois in a research report on Friday, November 10th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $26.15.
Shares of Owens-Illinois (NYSE OI) opened at $21.07 on Monday. The company has a current ratio of 1.06, a quick ratio of 0.74 and a debt-to-equity ratio of 5.52. Owens-Illinois has a 12-month low of $19.12 and a 12-month high of $25.90. The firm has a market cap of $3,434.22, a PE ratio of 19.15, a PEG ratio of 1.13 and a beta of 1.46.
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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