Owens-Illinois, Inc. (OI) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Owens-Illinois, Inc. (NYSE:OI) from a strong-buy rating to a hold rating in a report issued on Tuesday morning.

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. Owens-Illinois raised EPS guidance to $2.55-$2.65 for 2017 to reflect solid operating performance, 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. However, the company's high debt level remains a concern.”

OI has been the topic of a number of other research reports. UBS AG began coverage on shares of Owens-Illinois in a research report on Tuesday, September 5th. They set a neutral rating and a $26.00 price objective on the stock. ValuEngine cut shares of Owens-Illinois from a strong-buy rating to a buy rating in a research report on Saturday, June 3rd. Robert W. Baird reiterated a hold rating and set a $25.00 price objective on shares of Owens-Illinois in a research report on Friday, September 1st. BidaskClub raised shares of Owens-Illinois from a hold rating to a buy rating in a research note on Thursday, June 29th. Finally, Royal Bank Of Canada reissued a hold rating and set a $24.00 target price on shares of Owens-Illinois in a research note on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $25.50.

Owens-Illinois (NYSE:OI) opened at 24.14 on Tuesday. The stock has a 50 day moving average of $24.18 and a 200-day moving average of $22.58. The company has a market cap of $3.93 billion, a price-to-earnings ratio of 17.49 and a beta of 1.51. Owens-Illinois has a one year low of $16.80 and a one year high of $25.08.

Owens-Illinois (NYSE:OI) last posted its quarterly earnings data on Monday, July 31st. The industrial products company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.08. Owens-Illinois had a net margin of 3.36% and a return on equity of 72.15%. The business had revenue of $1.75 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the business posted $0.65 earnings per share. The business’s revenue was down .5% compared to the same quarter last year. On average, equities analysts predict that Owens-Illinois will post $2.63 EPS for the current fiscal year.

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In related news, SVP Moyano Giancarlo Currarino sold 1,360 shares of the company’s stock in a transaction dated 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 directly owns 23,954 shares of the company’s stock, valued at $574,177.38. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sergio B.O. Galindo sold 5,477 shares of the company’s stock in a transaction dated Friday, September 1st. The stock was 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 directly owns 34,890 shares of the company’s stock, valued at $869,807.70. The disclosure for this sale can be found here. 1.50% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Sigma Planning Corp lifted its stake in Owens-Illinois by 0.5% in the second quarter. Sigma Planning Corp now owns 21,460 shares of the industrial products company’s stock worth $513,000 after acquiring an additional 100 shares during the period. Atria Investments LLC lifted its stake in Owens-Illinois by 1.3% in the second quarter. Atria Investments LLC now owns 11,342 shares of the industrial products company’s stock worth $271,000 after acquiring an additional 142 shares during the period. Advisor Group Inc. lifted its stake in Owens-Illinois by 0.9% in the second quarter. Advisor Group Inc. now owns 16,417 shares of the industrial products company’s stock worth $393,000 after acquiring an additional 150 shares during the period. Contravisory Investment Management Inc. lifted its stake in Owens-Illinois by 1.5% in the second quarter. Contravisory Investment Management Inc. now owns 13,982 shares of the industrial products company’s stock worth $334,000 after acquiring an additional 203 shares during the period. Finally, First Allied Advisory Services Inc. lifted its stake in Owens-Illinois by 2.4% in the second quarter. First Allied Advisory Services Inc. now owns 11,600 shares of the industrial products company’s stock worth $277,000 after acquiring an additional 270 shares during the period. 95.06% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Owens-Illinois (NYSE:OI)

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