Zacks Investment Research upgraded shares of Owens-Illinois Inc. (NYSE:OI) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has $20.00 price target on the stock.
According to Zacks, “For 2016, Owens-Illinois is targeting 1% volume growth and a 100 basis points expansion in segment margins. The company maintained its adjusted earnings per share guidance for 2016 in the range of $2.25–$2.35. It will benefit from the Vitro's food and beverage business buyout. The acquired business will contribute annual revenues of $945 million to Owens-Illinois’ business. Further, successful joint venture with Constellation and asset optimization program in Europe will also drive its results. These are well reflected in the company’s positive record of earnings surprises in recent quarters.”
Other equities research analysts have also issued reports about the company. Citigroup Inc. reiterated a buy rating and set a $22.00 price objective on shares of Owens-Illinois in a research note on Friday, July 1st. Morgan Stanley reiterated an equal weight rating and set a $40.00 price objective on shares of Owens-Illinois in a research note on Saturday, August 13th. Jefferies Group lifted their price objective on Owens-Illinois from $18.00 to $20.00 and gave the company a hold rating in a research note on Thursday, July 14th. TheStreet upgraded Owens-Illinois from a sell rating to a hold rating in a research note on Wednesday, June 15th. Finally, Goldman Sachs Group Inc. reiterated a sell rating and set a $18.00 price objective on shares of Owens-Illinois in a research note on Wednesday, June 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $21.31.
Owens-Illinois (NYSE:OI) opened at 18.26 on Tuesday. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 15.23 and a beta of 2.02. Owens-Illinois has a 12 month low of $11.58 and a 12 month high of $24.05. The stock’s 50 day moving average price is $18.06 and its 200-day moving average price is $18.00.
Owens-Illinois (NYSE:OI) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.02. Owens-Illinois had a positive return on equity of 67.16% and a negative net margin of 0.20%. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the company posted $0.60 earnings per share. The firm’s revenue was up 14.1% on a year-over-year basis. Equities analysts anticipate that Owens-Illinois will post $2.32 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems bought a new stake in Owens-Illinois during the second quarter valued at about $248,000. Northwestern Mutual Investment Management Company LLC raised its stake in Owens-Illinois by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 6,176 shares of the company’s stock valued at $111,000 after buying an additional 31 shares in the last quarter. Mason Street Advisors LLC bought a new stake in Owens-Illinois during the second quarter valued at about $393,000. Public Employees Retirement System of Ohio raised its stake in Owens-Illinois by 3.8% in the second quarter. Public Employees Retirement System of Ohio now owns 34,593 shares of the company’s stock valued at $623,000 after buying an additional 1,265 shares in the last quarter. Finally, Calvert Investment Management Inc. raised its stake in Owens-Illinois by 13.0% in the second quarter. Calvert Investment Management Inc. now owns 18,377 shares of the company’s stock valued at $331,000 after buying an additional 2,121 shares in the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.
Owens-Illinois Company Profile
Owens-Illinois, Inc is engaged in the manufacturing of glass containers. The Company’s principal product lines are glass containers for the food and beverage industries. Its segments include Europe, North America, Latin America and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.
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