Trinity Street Asset Management LLP Reduces Position in Owens-Illinois Inc (OI)

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Trinity Street Asset Management LLP cut its position in shares of Owens-Illinois Inc (NYSE:OI) by 3.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,259,516 shares of the industrial products company’s stock after selling 40,401 shares during the period. Owens-Illinois makes up about 4.8% of Trinity Street Asset Management LLP’s portfolio, making the stock its 13th biggest holding. Trinity Street Asset Management LLP’s holdings in Owens-Illinois were worth $23,905,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of OI. Sciencast Management LP purchased a new stake in Owens-Illinois during the first quarter valued at approximately $505,000. Virtu Financial LLC purchased a new stake in Owens-Illinois during the first quarter valued at approximately $237,000. North Star Investment Management Corp. raised its holdings in shares of Owens-Illinois by 105.7% in the first quarter. North Star Investment Management Corp. now owns 2,160 shares of the industrial products company’s stock worth $41,000 after buying an additional 1,110 shares during the period. We Are One Seven LLC raised its holdings in shares of Owens-Illinois by 101.0% in the first quarter. We Are One Seven LLC now owns 22,048 shares of the industrial products company’s stock worth $418,000 after buying an additional 11,081 shares during the period. Finally, Legacy Advisors LLC purchased a new stake in shares of Owens-Illinois in the first quarter worth approximately $48,000. Institutional investors and hedge funds own 96.15% of the company’s stock.

Several equities research analysts have recently weighed in on the company. ValuEngine downgraded Owens-Illinois from a “sell” rating to a “strong sell” rating in a report on Thursday. Zacks Investment Research downgraded Owens-Illinois from a “buy” rating to a “hold” rating in a report on Wednesday, January 16th. BMO Capital Markets reduced their price target on Owens-Illinois to $21.00 and set a “market perform” rating on the stock in a report on Thursday, February 7th. TheStreet upgraded Owens-Illinois from a “c+” rating to a “b” rating in a report on Friday, January 25th. Finally, Citigroup downgraded Owens-Illinois from a “buy” rating to a “neutral” rating in a report on Monday, January 7th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $21.39.

In other Owens-Illinois news, insider Timothy M. Connors sold 44,715 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $19.55, for a total transaction of $874,178.25. Following the transaction, the insider now directly owns 48,105 shares in the company, valued at approximately $940,452.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Moyano Giancarlo Currarino sold 57,560 shares of the firm’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $19.68, for a total value of $1,132,780.80. Following the transaction, the senior vice president now owns 63,508 shares in the company, valued at $1,249,837.44. The disclosure for this sale can be found here. Company insiders own 0.90% of the company’s stock.

OI opened at $19.03 on Thursday. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of 7.00, a PEG ratio of 0.94 and a beta of 1.35. Owens-Illinois Inc has a 52 week low of $15.67 and a 52 week high of $22.16. The company has a current ratio of 1.07, a quick ratio of 0.61 and a debt-to-equity ratio of 5.76.

Owens-Illinois (NYSE:OI) last released its quarterly earnings data on Tuesday, February 5th. The industrial products company reported $0.61 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.01). The firm had revenue of $1.60 billion for the quarter, compared to analysts’ expectations of $1.68 billion. Owens-Illinois had a return on equity of 44.17% and a net margin of 3.75%. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.55 earnings per share. On average, equities research analysts forecast that Owens-Illinois Inc will post 2.94 EPS for the current fiscal year.

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About Owens-Illinois

Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Americas, Europe, and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. The company is also involved in the production of glass packaging for various food items, soft drinks, teas, juices, and pharmaceuticals.

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Institutional Ownership by Quarter for Owens-Illinois (NYSE:OI)

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