Verition Fund Management LLC increased its position in shares of Owens-Illinois Inc (NYSE:OI) by 255.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,904 shares of the industrial products company’s stock after buying an additional 22,926 shares during the period. Verition Fund Management LLC’s holdings in Owens-Illinois were worth $707,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Stevens Capital Management LP purchased a new position in Owens-Illinois in the third quarter valued at about $357,000. Alps Advisors Inc. purchased a new position in Owens-Illinois in the third quarter valued at about $214,000. Sei Investments Co. grew its stake in Owens-Illinois by 61.2% in the third quarter. Sei Investments Co. now owns 7,376 shares of the industrial products company’s stock valued at $186,000 after purchasing an additional 2,799 shares during the last quarter. New York State Common Retirement Fund grew its stake in Owens-Illinois by 1.3% in the third quarter. New York State Common Retirement Fund now owns 359,270 shares of the industrial products company’s stock valued at $9,039,000 after purchasing an additional 4,500 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its stake in Owens-Illinois by 1.6% in the third quarter. Ameriprise Financial Inc. now owns 1,607,768 shares of the industrial products company’s stock valued at $40,452,000 after purchasing an additional 25,042 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.
Shares of Owens-Illinois Inc (NYSE:OI) opened at $22.51 on Tuesday. Owens-Illinois Inc has a 52 week low of $19.59 and a 52 week high of $25.90. The firm has a market capitalization of $3,722.11, a PE ratio of 8.61, a PEG ratio of 1.43 and a beta of 1.46. The company has a current ratio of 1.06, a quick ratio of 0.61 and a debt-to-equity ratio of 5.52.
Owens-Illinois (NYSE:OI) last issued its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.01. Owens-Illinois had a return on equity of 53.60% and a net margin of 2.65%. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the previous year, the firm earned $0.50 earnings per share. The company’s revenue was up 6.3% on a year-over-year basis. research analysts forecast that Owens-Illinois Inc will post 2.81 EPS for the current fiscal year.
Owens-Illinois announced that its board has approved a share buyback program on Tuesday, February 6th that permits the company to buyback $400.00 million in shares. This buyback authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
In related news, SVP Moyano Giancarlo Currarino sold 11,910 shares of Owens-Illinois stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $22.57, for a total transaction of $268,808.70. Following the completion of the sale, the senior vice president now owns 28,070 shares of the company’s stock, valued at $633,539.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.50% of the company’s stock.
OI has been the topic of several analyst reports. Royal Bank of Canada reiterated a “hold” rating and issued a $26.00 target price on shares of Owens-Illinois in a research note on Thursday, December 14th. Vertical Research upgraded Owens-Illinois to a “buy” rating and set a $27.00 target price on the stock in a research note on Wednesday, February 7th. ValuEngine upgraded Owens-Illinois from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Wells Fargo cut their target price on Owens-Illinois from $24.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, February 9th. Finally, Zacks Investment Research lowered Owens-Illinois from a “hold” rating to a “sell” rating in a research note on Tuesday, December 26th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $26.00.
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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.
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