Zacks: Analysts Anticipate Owens-Illinois Inc (NYSE:OI) Will Post Quarterly Sales of $1.75 Billion

Analysts expect Owens-Illinois Inc (NYSE:OI) to announce $1.75 billion in sales for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Owens-Illinois’ earnings, with the highest sales estimate coming in at $1.81 billion and the lowest estimate coming in at $1.68 billion. Owens-Illinois posted sales of $1.73 billion during the same quarter last year, which suggests a positive year over year growth rate of 1.2%. The business is expected to issue its next quarterly earnings report after the market closes on Monday, October 28th.

On average, analysts expect that Owens-Illinois will report full-year sales of $6.82 billion for the current financial year, with estimates ranging from $6.70 billion to $6.91 billion. For the next year, analysts anticipate that the business will report sales of $6.89 billion, with estimates ranging from $6.61 billion to $7.15 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that follow Owens-Illinois.

Owens-Illinois (NYSE:OI) last released its earnings results on Wednesday, July 31st. The industrial products company reported $0.69 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.07). The company had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.76 billion. Owens-Illinois had a net margin of 3.76% and a return on equity of 39.73%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.77 EPS.

OI has been the topic of several research analyst reports. Citigroup lowered their target price on shares of Owens-Illinois from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. ValuEngine raised shares of Owens-Illinois from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Credit Suisse Group lowered their price objective on shares of Owens-Illinois from $24.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. BMO Capital Markets set a $17.00 price objective on shares of Owens-Illinois and gave the stock a “hold” rating in a research note on Thursday, September 12th. Finally, KeyCorp lowered their price objective on shares of Owens-Illinois from $16.00 to $11.00 and set an “underweight” rating on the stock in a research note on Friday, August 2nd. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. Owens-Illinois currently has an average rating of “Hold” and a consensus target price of $16.10.

In related news, Director Carol A. Williams purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $12.21 per share, for a total transaction of $122,100.00. Following the completion of the acquisition, the director now owns 60,761 shares in the company, valued at approximately $741,891.81. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Oregon Public Employees Retirement Fund raised its position in shares of Owens-Illinois by 1.4% in the second quarter. Oregon Public Employees Retirement Fund now owns 63,860 shares of the industrial products company’s stock valued at $1,103,000 after purchasing an additional 878 shares during the period. Oppenheimer Asset Management Inc. raised its position in shares of Owens-Illinois by 15.5% in the second quarter. Oppenheimer Asset Management Inc. now owns 6,560 shares of the industrial products company’s stock valued at $113,000 after purchasing an additional 879 shares during the period. Fruth Investment Management raised its position in shares of Owens-Illinois by 1.7% in the second quarter. Fruth Investment Management now owns 59,350 shares of the industrial products company’s stock valued at $1,024,000 after purchasing an additional 1,000 shares during the period. Sigma Planning Corp raised its position in shares of Owens-Illinois by 9.3% in the second quarter. Sigma Planning Corp now owns 11,799 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 1,007 shares during the period. Finally, Private Capital Group LLC raised its position in shares of Owens-Illinois by 75.5% in the second quarter. Private Capital Group LLC now owns 2,662 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 1,145 shares during the period. Hedge funds and other institutional investors own 91.63% of the company’s stock.

Owens-Illinois stock traded up $0.15 during trading hours on Wednesday, hitting $9.99. 1,954,164 shares of the company traded hands, compared to its average volume of 1,477,081. The firm has a market cap of $1.51 billion, a P/E ratio of 3.67, a P/E/G ratio of 1.29 and a beta of 1.52. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 5.72. The firm’s 50-day simple moving average is $9.93 and its two-hundred day simple moving average is $14.68. Owens-Illinois has a 1-year low of $8.91 and a 1-year high of $20.78.

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.

Featured Article: Special Dividends

Get a free copy of the Zacks research report on Owens-Illinois (OI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Owens-Illinois Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens-Illinois and related companies with MarketBeat.com's FREE daily email newsletter.