Owens-Illinois (OI) Bond Prices Fall 1.1%

An issue of Owens-Illinois Inc (NYSE:OI) debt fell 1.1% against its face value during trading on Friday. The debt issue has a 5% coupon and will mature on January 15, 2022. The debt is now trading at $100.72 and was trading at $101.76 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

Several equities research analysts have weighed in on the company. ValuEngine upgraded Owens-Illinois from a “hold” rating to a “buy” rating in a report on Wednesday, March 7th. Zacks Investment Research cut Owens-Illinois from a “hold” rating to a “sell” rating in a report on Monday, January 29th. Wells Fargo dropped their price objective on Owens-Illinois from $24.00 to $23.00 and set a “market perform” rating for the company in a report on Friday, February 9th. Vertical Research upgraded Owens-Illinois to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, February 7th. Finally, Royal Bank of Canada reiterated a “hold” rating and issued a $26.00 price objective on shares of Owens-Illinois in a report on Thursday, December 14th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. Owens-Illinois has a consensus rating of “Hold” and a consensus target price of $26.00.

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Owens-Illinois stock traded down $0.37 on Friday, hitting $21.22. The stock had a trading volume of 1,013,833 shares, compared to its average volume of 1,261,193. The stock has a market cap of $3,461.15, a PE ratio of 19.29, a PEG ratio of 1.33 and a beta of 1.46. 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 Inc has a 52 week low of $19.59 and a 52 week high of $25.90.

Owens-Illinois (NYSE:OI) last released its earnings results on Tuesday, February 6th. The industrial products company reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.01. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.72 billion. Owens-Illinois had a return on equity of 53.60% and a net margin of 2.65%. The firm’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 EPS. sell-side analysts predict that Owens-Illinois Inc will post 2.81 EPS for the current fiscal year.

Owens-Illinois declared that its board has approved a share buyback plan on Tuesday, February 6th that permits the company to repurchase $400.00 million in shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

In other Owens-Illinois news, SVP Moyano Giancarlo Currarino sold 11,910 shares of Owens-Illinois 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 completion of the transaction, the senior vice president now owns 28,070 shares in the company, valued at $633,539.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Xact Kapitalforvaltning AB purchased a new position in Owens-Illinois during the fourth quarter valued at $316,000. We Are One Seven LLC purchased a new position in Owens-Illinois during the fourth quarter valued at $221,000. MetLife Investment Advisors LLC purchased a new position in Owens-Illinois during the fourth quarter valued at $2,286,000. Gotham Asset Management LLC purchased a new position in Owens-Illinois during the fourth quarter valued at $2,062,000. Finally, Jane Street Group LLC purchased a new position in Owens-Illinois during the fourth quarter valued at $471,000. Institutional investors and hedge funds own 95.23% of the company’s stock.

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Owens-Illinois Company Profile

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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