Credit Suisse Group Cuts Owens-Illinois (NYSE:OI) Price Target to $19.00
Owens-Illinois (NYSE:OI) had its price objective lowered by Credit Suisse Group from $24.00 to $19.00 in a research report released on Monday, The Fly reports. The firm currently has an outperform rating on the industrial products company’s stock.
Several other equities analysts have also weighed in on the stock. Bank of America lowered shares of Owens-Illinois from a buy rating to a neutral rating in a report on Friday, August 2nd. Wells Fargo & Co upgraded shares of Owens-Illinois from a market perform rating to an outperform rating and increased their price objective for the company from $20.00 to $24.00 in a report on Wednesday, May 15th. ValuEngine lowered shares of Owens-Illinois from a sell rating to a strong sell rating in a report on Thursday, August 1st. Citigroup cut their price objective on shares of Owens-Illinois from $19.00 to $14.00 and set a neutral rating on the stock in a report on Friday, August 2nd. Finally, Goldman Sachs Group raised shares of Owens-Illinois from a sell rating to a neutral rating and lowered their target price for the company from $17.00 to $13.00 in a research note on Monday, August 5th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Owens-Illinois currently has an average rating of Hold and an average target price of $17.70.
Shares of NYSE OI opened at $10.44 on Monday. The company’s 50 day simple moving average is $11.87 and its 200 day simple moving average is $16.59. Owens-Illinois has a fifty-two week low of $9.58 and a fifty-two week high of $20.78. The firm has a market capitalization of $1.71 billion, a P/E ratio of 3.84, a P/E/G ratio of 1.36 and a beta of 1.56. The company has a debt-to-equity ratio of 5.72, a current ratio of 1.53 and a quick ratio of 1.00.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.92%. The ex-dividend date is Thursday, August 29th. Owens-Illinois’s payout ratio is presently 7.35%.
In other news, Director Carol A. Williams bought 10,000 shares of the stock in a transaction on Monday, August 5th. The stock was purchased at an average price of $12.21 per share, with a total value of $122,100.00. Following the completion of the purchase, the director now owns 60,761 shares of the company’s stock, valued at $741,891.81. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.90% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of OI. Russell Investments Group Ltd. increased its position in shares of Owens-Illinois by 14.4% during the second quarter. Russell Investments Group Ltd. now owns 7,216,527 shares of the industrial products company’s stock worth $124,625,000 after acquiring an additional 909,934 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Owens-Illinois during the second quarter worth $15,531,000. BlackRock Inc. increased its position in shares of Owens-Illinois by 4.2% during the second quarter. BlackRock Inc. now owns 14,798,907 shares of the industrial products company’s stock worth $255,580,000 after acquiring an additional 598,742 shares in the last quarter. Prudential Financial Inc. increased its position in shares of Owens-Illinois by 37.7% during the second quarter. Prudential Financial Inc. now owns 1,660,573 shares of the industrial products company’s stock worth $28,678,000 after acquiring an additional 454,340 shares in the last quarter. Finally, LSV Asset Management increased its position in shares of Owens-Illinois by 6.4% during the first quarter. LSV Asset Management now owns 5,357,391 shares of the industrial products company’s stock worth $101,683,000 after acquiring an additional 324,030 shares in the last quarter. 91.70% of the stock is owned by institutional investors.
Owens-Illinois Company Profile
Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Americas, Europe, and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. The company is also involved in the production of glass packaging for various food items, soft drinks, teas, juices, and pharmaceuticals.
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