ClariVest Asset Management LLC lessened its stake in shares of Owens-Illinois (NYSE:OI) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,469,056 shares of the industrial products company’s stock after selling 26,370 shares during the quarter. ClariVest Asset Management LLC owned about 0.91% of Owens-Illinois worth $31,819,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Lyrical Asset Management LP increased its stake in shares of Owens-Illinois by 5.0% during the 4th quarter. Lyrical Asset Management LP now owns 5,590,329 shares of the industrial products company’s stock worth $123,938,000 after purchasing an additional 266,527 shares during the last quarter. LSV Asset Management boosted its holdings in Owens-Illinois by 13.1% in the 1st quarter. LSV Asset Management now owns 4,911,580 shares of the industrial products company’s stock valued at $106,384,000 after purchasing an additional 568,038 shares during the period. Wedge Capital Management L L P NC boosted its holdings in Owens-Illinois by 6.6% in the 4th quarter. Wedge Capital Management L L P NC now owns 4,861,581 shares of the industrial products company’s stock valued at $107,781,000 after purchasing an additional 301,427 shares during the period. Private Management Group Inc. boosted its holdings in Owens-Illinois by 2.1% in the 4th quarter. Private Management Group Inc. now owns 2,011,844 shares of the industrial products company’s stock valued at $44,603,000 after purchasing an additional 41,370 shares during the period. Finally, Golub Group LLC boosted its holdings in Owens-Illinois by 20.6% in the 4th quarter. Golub Group LLC now owns 1,650,935 shares of the industrial products company’s stock valued at $36,601,000 after purchasing an additional 281,782 shares during the period. 94.12% of the stock is currently owned by institutional investors.
Owens-Illinois opened at $18.95 on Wednesday, according to MarketBeat.com. Owens-Illinois has a twelve month low of $17.95 and a twelve month high of $25.90. The company has a market cap of $3.01 billion, a PE ratio of 7.15, a P/E/G ratio of 1.16 and a beta of 1.42. The company has a debt-to-equity ratio of 5.04, a current ratio of 1.33 and a quick ratio of 0.82.
Owens-Illinois (NYSE:OI) last announced its earnings results on Monday, April 23rd. The industrial products company reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. The business had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Owens-Illinois had a net margin of 3.30% and a return on equity of 46.76%. The firm’s revenue was up 7.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.58 earnings per share. research analysts predict that Owens-Illinois will post 2.8 EPS for the current fiscal year.
Owens-Illinois declared that its Board of Directors has authorized a share buyback program on Tuesday, February 6th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other news, SVP Moyano Giancarlo Currarino sold 11,910 shares of the stock in a transaction on Thursday, March 15th. The shares were sold at an average price of $22.57, for a total value of $268,808.70. Following the completion of the sale, the senior vice president now directly owns 28,070 shares of the company’s stock, valued at $633,539.90. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.70% of the company’s stock.
A number of analysts have recently issued reports on the stock. Vertical Research raised shares of Owens-Illinois to a “buy” rating and set a $27.00 price objective for the company in a report on Wednesday, February 7th. ValuEngine cut shares of Owens-Illinois from a “buy” rating to a “hold” rating in a research report on Wednesday, March 28th. Wells Fargo & Co decreased 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 report on Friday, February 9th. Zacks Investment Research cut shares of Owens-Illinois from a “buy” rating to a “hold” rating in a research report on Thursday, April 26th. Finally, Deutsche Bank upgraded shares of Owens-Illinois from a “hold” rating to a “buy” rating and boosted their price objective for the company from $19.45 to $25.90 in a research report on Thursday, April 26th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $25.54.
Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Europe, North America, Latin America, and the Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.
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