Zacks Investment Research upgraded shares of Owens-Illinois Inc. (NYSE:OI) from a hold rating to a buy rating in a research note published on Thursday. Zacks Investment Research currently has $19.00 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.”
A number of other brokerages have also recently commented on OI. Morgan Stanley reaffirmed an equal weight rating and set a $40.00 price target on shares of Owens-Illinois in a research report on Saturday, August 13th. Citigroup Inc. reaffirmed a buy rating and set a $22.00 price target on shares of Owens-Illinois in a research report on Friday, July 1st. Jefferies Group upped their price target on shares of Owens-Illinois from $18.00 to $20.00 and gave the company a hold rating in a research report on Thursday, July 14th. TheStreet raised shares of Owens-Illinois from a sell rating to a hold rating in a research report on Wednesday, June 15th. Finally, RBC Capital Markets started coverage on shares of Owens-Illinois in a research report on Thursday, September 29th. They set a sector perform rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $20.80.
Shares of Owens-Illinois (NYSE:OI) remained flat at $17.03 during trading on Thursday. 393,853 shares of the stock traded hands. The firm has a market capitalization of $2.76 billion, a P/E ratio of 14.20 and a beta of 1.96. Owens-Illinois has a 1-year low of $11.58 and a 1-year high of $24.05. The stock’s 50-day moving average is $17.86 and its 200-day moving average is $18.14.
Owens-Illinois (NYSE:OI) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. Owens-Illinois had a negative net margin of 0.20% and a positive return on equity of 67.16%. The company had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the firm posted $0.60 earnings per share. Owens-Illinois’s revenue for the quarter was up 14.1% on a year-over-year basis. Equities analysts expect that Owens-Illinois will post $2.32 EPS for the current year.
A number of large investors have recently modified their holdings of OI. Aperio Group LLC increased its stake in shares of Owens-Illinois by 6.0% in the first quarter. Aperio Group LLC now owns 58,592 shares of the company’s stock worth $935,000 after buying an additional 3,330 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Owens-Illinois by 22.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 106,621 shares of the company’s stock worth $1,702,000 after buying an additional 19,790 shares during the last quarter. Ngam Advisors L.P. increased its stake in shares of Owens-Illinois by 35.7% in the first quarter. Ngam Advisors L.P. now owns 31,581 shares of the company’s stock worth $504,000 after buying an additional 8,312 shares during the last quarter. Teachers Advisors Inc. increased its stake in shares of Owens-Illinois by 132.6% in the first quarter. Teachers Advisors Inc. now owns 553,211 shares of the company’s stock worth $8,829,000 after buying an additional 315,334 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Owens-Illinois by 6.3% in the first quarter. JPMorgan Chase & Co. now owns 185,129 shares of the company’s stock worth $2,955,000 after buying an additional 11,040 shares during the last quarter. 93.89% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Owens-Illinois Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Owens-Illinois Inc. and related companies with MarketBeat.com's FREE daily email newsletter.