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

Zacks Investment Research upgraded shares of Owens-Illinois, Inc. (NYSE:OI) from a hold rating to a buy rating in a research report released on Thursday. Zacks Investment Research currently has $27.00 price target on the industrial products company’s stock.

According to Zacks, “Owens-Illinois' fiscal 2017 earnings per share guidance of $2.55-$2.65 reflect solid operating performance in the year so far and expectations of 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. Its estimates have also gone up lately.”

Several other analysts have also issued reports on OI. BidaskClub lowered shares of Owens-Illinois from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. ValuEngine lowered shares of Owens-Illinois from a strong-buy rating to a buy rating in a research report on Saturday, June 3rd. Barclays PLC upped their price target on shares of Owens-Illinois from $22.00 to $25.00 and gave the company an equal weight rating in a research report on Monday, August 7th. Jefferies Group LLC restated a hold rating and set a $27.00 price target (up from $26.00) on shares of Owens-Illinois in a research report on Wednesday, August 2nd. Finally, Royal Bank Of Canada restated a hold rating and set a $24.00 price target on shares of Owens-Illinois in a research report on Friday, July 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus target price of $25.60.

Owens-Illinois (OI) traded up 0.41% during midday trading on Thursday, hitting $24.31. The company had a trading volume of 1,003,608 shares. Owens-Illinois has a 52 week low of $16.80 and a 52 week high of $25.08. The firm’s 50 day moving average is $24.18 and its 200-day moving average is $22.58. The firm has a market capitalization of $3.96 billion, a P/E ratio of 17.62 and a beta of 1.51.

Owens-Illinois (NYSE:OI) last announced its earnings results on Monday, July 31st. The industrial products company reported $0.75 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.77 billion. During the same period in the previous year, the business earned $0.65 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. On average, equities research analysts expect 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 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 transaction, 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 is available through this link. Also, insider Sergio B.O. Galindo sold 5,477 shares of the 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 transaction, 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. Corporate insiders own 1.50% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in OI. DekaBank Deutsche Girozentrale raised its stake in Owens-Illinois by 104.3% in the second quarter. DekaBank Deutsche Girozentrale now owns 4,635 shares of the industrial products company’s stock worth $110,000 after buying an additional 2,366 shares in the last quarter. Acadian Asset Management LLC bought a new position in Owens-Illinois in the second quarter worth about $113,000. Acrospire Investment Management LLC raised its stake in Owens-Illinois by 163.8% in the second quarter. Acrospire Investment Management LLC now owns 6,714 shares of the industrial products company’s stock worth $161,000 after buying an additional 4,169 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. raised its stake in Owens-Illinois by 113.2% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,100 shares of the industrial products company’s stock worth $165,000 after buying an additional 4,300 shares in the last quarter. Finally, Flinton Capital Management LLC raised its stake in Owens-Illinois by 74.4% in the second quarter. Flinton Capital Management LLC now owns 7,200 shares of the industrial products company’s stock worth $172,000 after buying an additional 3,072 shares in the last quarter. 95.06% of the stock is owned by institutional investors.

About Owens-Illinois

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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