Owens-Illinois (NYSE:OI) Updates Q3 2019 Earnings Guidance

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Owens-Illinois (NYSE:OI) issued an update on its third quarter 2019 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.52-0.55 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.62. Owens-Illinois also updated its FY 2019 guidance to $2.40-2.55 EPS.

Shares of OI opened at $10.95 on Wednesday. The company has a 50 day moving average price of $12.01 and a 200-day moving average price of $16.64. The company has a debt-to-equity ratio of 5.72, a quick ratio of 1.00 and a current ratio of 1.53. The stock has a market capitalization of $1.69 billion, a PE ratio of 4.03, a PEG ratio of 1.36 and a beta of 1.56. Owens-Illinois has a fifty-two week low of $9.58 and a fifty-two week high of $20.78.

Owens-Illinois (NYSE:OI) last posted its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.69 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.76 by ($0.07). The business had revenue of $1.80 billion during the quarter, compared to analyst estimates of $1.76 billion. Owens-Illinois had a return on equity of 39.73% and a net margin of 3.76%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.77 EPS. Equities research analysts forecast that Owens-Illinois will post 2.45 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.83%. The ex-dividend date is Thursday, August 29th. Owens-Illinois’s dividend payout ratio is currently 7.35%.

OI has been the subject of several recent analyst reports. ValuEngine lowered Owens-Illinois from a sell rating to a strong sell rating in a research note on Thursday, August 1st. Wells Fargo & Co raised shares of Owens-Illinois from a market perform rating to an outperform rating and raised their price target for the stock from $20.00 to $24.00 in a research note on Wednesday, May 15th. KeyCorp reduced their price objective on Owens-Illinois from $16.00 to $11.00 and set an underweight rating on the stock in a research report on Friday, August 2nd. Credit Suisse Group decreased their target price on shares of Owens-Illinois from $24.00 to $19.00 and set an outperform rating on the stock in a report on Monday. Finally, Citigroup decreased their price target on Owens-Illinois from $19.00 to $14.00 and set a neutral rating on the stock in a research note on Friday, August 2nd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $18.33.

In related news, Director Carol A. Williams acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $12.21 per share, for a total transaction of $122,100.00. Following the transaction, the director now directly owns 60,761 shares of the company’s stock, valued at approximately $741,891.81. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.90% of the company’s stock.

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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