Wells Fargo & Co Cuts Owens-Illinois (NYSE:OI) Price Target to $15.00

Owens-Illinois (NYSE:OI) had its price objective reduced by Wells Fargo & Co from $18.00 to $15.00 in a report issued on Tuesday, BenzingaRatingsTable reports. Wells Fargo & Co currently has an outperform rating on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the stock. KeyCorp cut their price objective on shares of Owens-Illinois from $16.00 to $11.00 and set an underweight rating for the company in a research report on Friday, August 2nd. Citigroup cut their price objective on shares of Owens-Illinois from $14.00 to $11.00 and set a neutral rating for the company in a research report on Wednesday, September 25th. Credit Suisse Group cut their price objective on shares of Owens-Illinois from $24.00 to $19.00 and set an outperform rating for the company in a research report on Monday, September 9th. Goldman Sachs Group upgraded shares of Owens-Illinois from a sell rating to a neutral rating and dropped their price target for the company from $17.00 to $13.00 in a research report on Monday, August 5th. Finally, Bank of America downgraded shares of Owens-Illinois from a buy rating to a neutral rating in a research report on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $16.10.

Owens-Illinois stock traded up $0.12 during midday trading on Tuesday, reaching $9.82. 46,570 shares of the company’s stock were exchanged, compared to its average volume of 2,031,266. Owens-Illinois has a 52 week low of $8.91 and a 52 week high of $20.78. 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 firm has a market cap of $1.48 billion, a price-to-earnings ratio of 3.60, a P/E/G ratio of 1.26 and a beta of 1.52. The stock’s 50-day simple moving average is $9.95 and its 200 day simple moving average is $14.87.

Owens-Illinois (NYSE:OI) last issued its quarterly earnings data on Wednesday, July 31st. The industrial products company reported $0.69 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.07). The company had revenue of $1.80 billion for 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 company’s revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the business earned $0.77 earnings per share. Research analysts forecast that Owens-Illinois will post 2.3 earnings per share for the current year.

In related news, Director Carol A. Williams bought 10,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $12.21 per share, with a total value of $122,100.00. Following the completion of the purchase, the director now owns 60,761 shares in the company, valued at approximately $741,891.81. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.90% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. First Quadrant L P CA bought a new stake in shares of Owens-Illinois during the second quarter worth $25,000. Marshall Wace North America L.P. bought a new stake in shares of Owens-Illinois in the first quarter worth $25,000. Private Capital Group LLC grew its stake in shares of Owens-Illinois by 75.5% in the second quarter. Private Capital Group LLC now owns 2,662 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 1,145 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Owens-Illinois in the second quarter worth $56,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Owens-Illinois by 11,870.8% in the third quarter. Meeder Asset Management Inc. now owns 8,619 shares of the industrial products company’s stock worth $89,000 after purchasing an additional 8,547 shares during the last quarter. 91.64% of the stock is currently 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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