Shares of Owens-Illinois Inc (NYSE:OI) have been assigned an average recommendation of “Hold” from the sixteen ratings firms that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, nine have issued a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $25.91.
OI has been the subject of a number of analyst reports. Royal Bank of Canada reissued a “hold” rating and set a $26.00 target price on shares of Owens-Illinois in a research note on Thursday, December 14th. Zacks Investment Research cut Owens-Illinois from a “hold” rating to a “sell” rating in a report on Tuesday, December 26th. Vertical Research upgraded Owens-Illinois to a “buy” rating and set a $27.00 price target on the stock in a report on Wednesday, February 7th. Wells Fargo lowered their price target on Owens-Illinois from $24.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, February 9th. Finally, ValuEngine upgraded Owens-Illinois from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th.
Shares of OI stock traded up $0.05 during mid-day trading on Friday, hitting $21.64. The stock had a trading volume of 282,652 shares, compared to its average volume of 1,449,844. The stock has a market cap of $3,627.51, a P/E ratio of 19.63, a price-to-earnings-growth ratio of 1.40 and a beta of 1.46. Owens-Illinois has a fifty-two week low of $19.59 and a fifty-two week high of $25.90. 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 announced that its board has authorized a share repurchase program on Tuesday, February 6th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.
In other Owens-Illinois news, SVP Moyano Giancarlo Currarino sold 11,910 shares of the stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $22.57, for a total transaction of $268,808.70. Following the sale, the senior vice president now owns 28,070 shares in the company, valued at approximately $633,539.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.50% of the company’s stock.
A number of large investors have recently made changes to their positions in OI. Crossmark Global Holdings Inc. acquired a new stake in Owens-Illinois during the 3rd quarter valued at $532,000. Stevens Capital Management LP acquired a new stake in Owens-Illinois during the 3rd quarter valued at $357,000. Alps Advisors Inc. acquired a new stake in Owens-Illinois during the 3rd quarter valued at $214,000. Sei Investments Co. grew its holdings in Owens-Illinois by 61.2% during the 3rd quarter. Sei Investments Co. now owns 7,376 shares of the industrial products company’s stock valued at $186,000 after buying an additional 2,799 shares during the last quarter. Finally, New York State Common Retirement Fund grew its holdings in Owens-Illinois by 1.3% during the 3rd 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 buying an additional 4,500 shares during the last quarter. Hedge funds and other institutional investors own 95.23% of the company’s stock.
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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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