Owens-Illinois (OI) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Owens-Illinois (NYSE:OI) from a hold rating to a sell rating in a report published on Tuesday morning.

According to Zacks, “Owens-Illinois' North America sales volume continues to decline due to lower shipments, primarily in beer. The impact of the hurricanes will also hurt its fourth-quarter results. Higher supply chain and restructuring costs in Asia Pacific will impact Owens-Illinois’ results. Further, uncertainty in macroeconomic conditions, non-cash charges, volatile currency rates and high debt levels remain headwinds for the company.”

OI has been the topic of several other reports. ValuEngine upgraded shares of Owens-Illinois from a buy rating to a strong-buy rating in a report on Friday, October 13th. UBS Group began coverage on shares of Owens-Illinois in a report on Tuesday, September 5th. They set a neutral rating and a $26.00 target price on the stock. Robert W. Baird increased their target price on shares of Owens-Illinois from $25.00 to $27.00 and gave the stock a neutral rating in a report on Wednesday, October 25th. KeyCorp reiterated a hold rating on shares of Owens-Illinois in a report on Friday, November 10th. Finally, Royal Bank of Canada set a $27.00 target price on shares of Owens-Illinois and gave the stock a hold rating in a report on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Owens-Illinois has a consensus rating of Hold and a consensus price target of $26.36.

Owens-Illinois (OI) opened at $22.18 on Tuesday. The company has a quick ratio of 0.74, a current ratio of 1.23 and a debt-to-equity ratio of 5.73. The company has a market cap of $3,630.00, a PE ratio of 14.89, a PEG ratio of 1.21 and a beta of 1.52. Owens-Illinois has a 1-year low of $17.31 and a 1-year high of $25.90.

Owens-Illinois (NYSE:OI) last posted its quarterly earnings results on Monday, October 23rd. The industrial products company reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.04. The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.77 billion. Owens-Illinois had a net margin of 3.59% and a return on equity of 63.33%. The business’s revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. research analysts predict that Owens-Illinois will post 2.64 EPS for the current year.

In related news, insider Timothy M. Connors sold 3,500 shares of the stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $23.86, for a total value of $83,510.00. Following the completion of the transaction, the insider now directly owns 19,624 shares of the company’s stock, valued at approximately $468,228.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Advisor Group Inc. grew its stake in shares of Owens-Illinois by 0.9% during the 2nd quarter. Advisor Group Inc. now owns 16,417 shares of the industrial products company’s stock worth $393,000 after purchasing an additional 150 shares during the period. First Allied Advisory Services Inc. grew its stake in Owens-Illinois by 2.4% in the 2nd quarter. First Allied Advisory Services Inc. now owns 11,600 shares of the industrial products company’s stock valued at $277,000 after acquiring an additional 270 shares during the period. Utah Retirement Systems grew its stake in Owens-Illinois by 1.4% in the 2nd quarter. Utah Retirement Systems now owns 29,741 shares of the industrial products company’s stock valued at $711,000 after acquiring an additional 400 shares during the period. Moors & Cabot Inc. grew its stake in Owens-Illinois by 1.5% in the 2nd quarter. Moors & Cabot Inc. now owns 30,050 shares of the industrial products company’s stock valued at $724,000 after acquiring an additional 450 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in Owens-Illinois by 0.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 131,323 shares of the industrial products company’s stock valued at $3,140,000 after acquiring an additional 479 shares during the period. 93.58% of the stock is owned by institutional investors.

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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.

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