Bank of America Downgrades Owens-Illinois (NYSE:OI) to Neutral

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Bank of America cut shares of Owens-Illinois (NYSE:OI) from a buy rating to a neutral rating in a research report report published on Friday, BenzingaRatingsTable reports.

Other equities research analysts have also recently issued reports about the company. Wells Fargo & Co raised Owens-Illinois from a market perform rating to an outperform rating and raised their price target for the company from $20.00 to $24.00 in a report on Wednesday, May 15th. ValuEngine cut Owens-Illinois from a sell rating to a strong sell rating in a report on Thursday, August 1st. Finally, UFS raised Owens-Illinois from a neutral rating to a buy rating in a report on Tuesday, April 30th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $18.89.

Shares of OI opened at $11.95 on Friday. Owens-Illinois has a 1 year low of $11.80 and a 1 year high of $20.78. The company has a debt-to-equity ratio of 5.72, a quick ratio of 0.83 and a current ratio of 1.53. The stock has a 50 day moving average of $16.69. The firm has a market cap of $1.92 billion, a PE ratio of 4.39, a PEG ratio of 0.73 and a beta of 1.41.

Owens-Illinois (NYSE:OI) last issued its earnings results on Wednesday, July 31st. The industrial products company reported $0.69 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.07). Owens-Illinois had a return on equity of 39.73% and a net margin of 3.76%. The company had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the company posted $0.77 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, analysts anticipate that Owens-Illinois will post 2.48 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Friday, August 30th will be issued a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.20 dividend on an annualized basis and a yield of 1.67%. Owens-Illinois’s dividend payout ratio is 7.35%.

Hedge funds have recently added to or reduced their stakes in the stock. First Quadrant L P CA acquired a new stake in Owens-Illinois during the 2nd quarter valued at $25,000. Marshall Wace North America L.P. acquired a new stake in shares of Owens-Illinois in the 1st quarter valued at $25,000. North Star Investment Management Corp. increased its stake in shares of Owens-Illinois by 105.7% in the 1st quarter. North Star Investment Management Corp. now owns 2,160 shares of the industrial products company’s stock valued at $41,000 after buying an additional 1,110 shares during the period. Zions Bancorporation N.A. acquired a new stake in shares of Owens-Illinois in the 1st quarter valued at $46,000. Finally, Legacy Advisors LLC acquired a new stake in shares of Owens-Illinois in the 1st quarter valued at $48,000. 92.27% of the stock is owned by hedge funds and other institutional investors.

Owens-Illinois Company Profile

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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Analyst Recommendations for Owens-Illinois (NYSE:OI)

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