Owens-Illinois (OI) Upgraded at Wells Fargo & Co

Wells Fargo & Co upgraded shares of Owens-Illinois (NYSE:OI) from a market perform rating to an outperform rating in a research report sent to investors on Wednesday morning, Benzinga reports. The firm currently has $24.00 target price on the industrial products company’s stock, up from their previous target price of $20.00.

Several other analysts have also issued reports on the stock. ValuEngine upgraded shares of Owens-Illinois from a strong sell rating to a sell rating in a research note on Thursday, January 24th. Bank of America upgraded shares of Owens-Illinois from a neutral rating to a buy rating and upped their target price for the stock from $21.00 to $24.00 in a research note on Tuesday, April 30th. UFS upgraded shares of Owens-Illinois from a neutral rating to a buy rating in a research note on Tuesday, April 30th. TheStreet downgraded shares of Owens-Illinois from a b rating to a c+ rating in a report on Monday, March 11th. Finally, BMO Capital Markets cut their price target on shares of Owens-Illinois to $21.00 and set a market perform rating on the stock in a report on Thursday, February 7th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $21.81.

NYSE OI opened at $17.36 on Wednesday. Owens-Illinois has a 1 year low of $15.67 and a 1 year high of $20.78. The company has a debt-to-equity ratio of 5.76, a current ratio of 1.39 and a quick ratio of 0.83. The firm has a market capitalization of $2.72 billion, a PE ratio of 6.38, a PEG ratio of 0.84 and a beta of 1.35.

Owens-Illinois (NYSE:OI) last posted its earnings results on Wednesday, May 1st. The industrial products company reported $0.51 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.02). Owens-Illinois had a return on equity of 43.45% and a net margin of 3.53%. The firm had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the company earned $0.59 EPS. The business’s revenue was down 7.8% compared to the same quarter last year. Analysts forecast that Owens-Illinois will post 2.91 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Friday, May 31st will be issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date of this dividend is Thursday, May 30th. Owens-Illinois’s dividend payout ratio (DPR) is currently 7.35%.

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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. purchased a new stake in Owens-Illinois during the first quarter valued at about $25,000. Alpha Omega Wealth Management LLC purchased a new stake in Owens-Illinois during the fourth quarter valued at about $29,000. North Star Investment Management Corp. lifted its holdings in Owens-Illinois by 105.7% during the first quarter. North Star Investment Management Corp. now owns 2,160 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 1,110 shares during the last quarter. Destination Wealth Management purchased a new stake in Owens-Illinois during the fourth quarter valued at about $41,000. Finally, Zions Bancorporation N.A. purchased a new stake in Owens-Illinois during the first quarter valued at about $46,000. 95.67% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Owens-Illinois (NYSE:OI)

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