Owens-Illinois Inc. (NYSE:OI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The firm presently has a $19.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 11.70% from the company’s previous close.
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 equities analysts have also weighed in on the company. Jefferies Group upped their target price on Owens-Illinois from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Thursday, July 14th. Citigroup Inc. reaffirmed a “buy” rating and set a $22.00 target price on shares of Owens-Illinois in a research report on Friday, July 1st. Royal Bank Of Canada started coverage on Owens-Illinois in a research report on Friday, September 30th. They set a “sector perform” rating and a $18.00 target price on the stock. RBC Capital Markets began coverage on Owens-Illinois in a research report on Thursday, September 29th. They set a “sector perform” rating and a $18.00 target price on the stock. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $40.00 price target on shares of Owens-Illinois in a report on Saturday, August 13th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $20.80.
Shares of Owens-Illinois (NYSE:OI) opened at 17.01 on Thursday. The firm has a market cap of $2.76 billion, a P/E ratio of 14.19 and a beta of 1.96. Owens-Illinois has a one year low of $11.58 and a one year high of $24.05. The firm’s 50-day moving average price is $17.83 and its 200 day moving average price is $18.15.
Owens-Illinois (NYSE:OI) last issued its earnings results on Wednesday, July 27th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 prior year, the firm earned $0.60 earnings per share. Owens-Illinois’s revenue for the quarter was up 14.1% on a year-over-year basis. Analysts predict that Owens-Illinois will post $2.32 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Orbis Allan Gray Ltd purchased a new position in Owens-Illinois during the first quarter valued at $121,204,000. Strs Ohio purchased a new position in Owens-Illinois during the second quarter valued at $24,763,000. ClariVest Asset Management LLC increased its position in Owens-Illinois by 1,433,872.6% in the second quarter. ClariVest Asset Management LLC now owns 1,046,800 shares of the company’s stock valued at $18,853,000 after buying an additional 1,046,727 shares during the last quarter. AQR Capital Management LLC increased its position in Owens-Illinois by 121.4% in the second quarter. AQR Capital Management LLC now owns 1,382,005 shares of the company’s stock valued at $24,890,000 after buying an additional 757,796 shares during the last quarter. Finally, Allianz Asset Management AG purchased a new position in Owens-Illinois during the second quarter valued at $13,533,000. Institutional investors own 93.89% of the company’s stock.
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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