Owens-Illinois (OI) Downgraded to Neutral at Citigroup

Citigroup cut shares of Owens-Illinois (NYSE:OI) from a buy rating to a neutral rating in a research note released on Monday morning, Marketbeat reports.

Several other analysts have also weighed in on the company. Zacks Investment Research lowered Owens-Illinois from a hold rating to a sell rating in a report on Tuesday, September 25th. Bank of America raised Owens-Illinois from a neutral rating to a buy rating and set a $22.00 target price on the stock in a report on Friday, November 9th. Wells Fargo & Co upped their target price on Owens-Illinois from $18.00 to $20.00 and gave the company a market perform rating in a report on Thursday, November 15th. KeyCorp lowered Owens-Illinois from a sector weight rating to an underweight rating and set a $18.30 target price on the stock. in a report on Sunday, December 9th. Finally, Credit Suisse Group lowered their target price on Owens-Illinois from $32.00 to $24.00 and set an outperform rating on the stock in a report on Monday, November 12th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $22.22.

Shares of OI stock opened at $18.15 on Monday. Owens-Illinois has a 1-year low of $15.67 and a 1-year high of $23.61. The firm has a market cap of $2.82 billion, a P/E ratio of 6.85, a price-to-earnings-growth ratio of 0.92 and a beta of 1.32. The company has a current ratio of 1.32, a quick ratio of 0.84 and a debt-to-equity ratio of 5.14.

Owens-Illinois (NYSE:OI) last announced its quarterly earnings data on Tuesday, October 30th. The industrial products company reported $0.75 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.75. Owens-Illinois had a return on equity of 43.27% and a net margin of 1.94%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the prior year, the company posted $0.77 earnings per share. Owens-Illinois’s quarterly revenue was down 5.6% on a year-over-year basis. Equities analysts predict that Owens-Illinois will post 2.73 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 12th. Investors of record on Tuesday, January 22nd will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.10%. The ex-dividend date is Friday, January 18th.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. boosted its stake in shares of Owens-Illinois by 2.1% during the second quarter. BlackRock Inc. now owns 16,150,316 shares of the industrial products company’s stock valued at $271,487,000 after acquiring an additional 333,917 shares during the last quarter. Lyrical Asset Management LP boosted its stake in shares of Owens-Illinois by 2.0% during the third quarter. Lyrical Asset Management LP now owns 6,092,972 shares of the industrial products company’s stock valued at $114,487,000 after acquiring an additional 118,383 shares during the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Owens-Illinois by 0.8% during the third quarter. Wedge Capital Management L L P NC now owns 5,414,633 shares of the industrial products company’s stock valued at $101,741,000 after acquiring an additional 44,182 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Owens-Illinois by 11.1% during the third quarter. Dimensional Fund Advisors LP now owns 3,287,547 shares of the industrial products company’s stock valued at $61,774,000 after acquiring an additional 328,778 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Owens-Illinois by 15.9% during the third quarter. Thrivent Financial for Lutherans now owns 3,105,150 shares of the industrial products company’s stock valued at $58,345,000 after acquiring an additional 425,347 shares during the last quarter. 91.56% of the stock is currently owned by institutional investors and hedge funds.

About Owens-Illinois

Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Europe, North America, Latin America, and the Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.

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