Rhumbline Advisers decreased its position in Owens-Illinois Inc (NYSE:OI) by 1.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 299,698 shares of the industrial products company’s stock after selling 4,563 shares during the period. Rhumbline Advisers owned approximately 0.18% of Owens-Illinois worth $6,644,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in OI. Crossmark Global Holdings Inc. bought a new position in Owens-Illinois in the 3rd quarter worth about $532,000. Stevens Capital Management LP bought a new position in Owens-Illinois in the 3rd quarter worth about $357,000. Biltmore Wealth Management LLC bought a new position in Owens-Illinois in the 3rd quarter worth about $201,000. Prudential Financial Inc. boosted its stake in Owens-Illinois by 15.1% in the 3rd quarter. Prudential Financial Inc. now owns 3,916,784 shares of the industrial products company’s stock worth $98,546,000 after purchasing an additional 513,679 shares in the last quarter. Finally, Boston Partners bought a new position in Owens-Illinois in the 3rd quarter worth about $22,201,000. Institutional investors own 95.08% of the company’s stock.
A number of equities analysts recently issued reports on OI shares. Royal Bank of Canada reiterated a “hold” rating and issued a $26.00 price target on shares of Owens-Illinois in a research note on Thursday, December 14th. Vertical Research upgraded shares of Owens-Illinois to a “buy” rating and set a $27.00 target price on the stock in a research note on Wednesday, February 7th. ValuEngine upgraded shares of Owens-Illinois from a “hold” rating to a “buy” rating in a research note on Wednesday, March 7th. Wells Fargo & Co lowered their target price on shares of Owens-Illinois from $24.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, February 9th. Finally, Zacks Investment Research cut shares of Owens-Illinois from a “hold” rating to a “sell” rating in a research note on Tuesday, December 26th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have given a buy rating to the stock. Owens-Illinois has a consensus rating of “Hold” and a consensus price target of $26.00.
Owens-Illinois Inc (NYSE:OI) traded down $0.33 during midday trading on Wednesday, hitting $22.53. 1,025,222 shares of the stock traded hands, compared to its average volume of 1,502,869. Owens-Illinois Inc has a 12-month low of $19.59 and a 12-month high of $25.90. The stock has a market cap of $3,731.90, a price-to-earnings ratio of 20.48, a P/E/G ratio of 1.44 and a beta of 1.46. The company has a quick ratio of 0.61, a current ratio of 1.06 and a debt-to-equity ratio of 5.52.
Owens-Illinois (NYSE:OI) last released its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.55 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.01. Owens-Illinois had a net margin of 2.65% and a return on equity of 53.60%. The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.72 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. analysts forecast that Owens-Illinois Inc will post 2.81 EPS for the current fiscal year.
Owens-Illinois announced that its board has approved a stock buyback plan on Tuesday, February 6th that allows the company to buyback $400.00 million in shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
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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