Owens-Illinois Inc (NYSE:OI) Expected to Announce Quarterly Sales of $1.75 Billion

Wall Street analysts expect Owens-Illinois Inc (NYSE:OI) to announce $1.75 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Owens-Illinois’ earnings. The lowest sales estimate is $1.68 billion and the highest is $1.81 billion. Owens-Illinois reported sales of $1.73 billion in the same quarter last year, which would suggest a positive year over year growth rate of 1.2%. The business is scheduled to issue its next earnings results after the market closes on Monday, October 28th.

According to Zacks, analysts expect that Owens-Illinois will report full year sales of $6.82 billion for the current financial year, with estimates ranging from $6.70 billion to $6.91 billion. For the next year, analysts expect that the company will post sales of $6.89 billion, with estimates ranging from $6.61 billion to $7.15 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that follow Owens-Illinois.

Owens-Illinois (NYSE:OI) last posted its earnings results on Wednesday, July 31st. The industrial products company reported $0.69 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.07). Owens-Illinois had a return on equity of 39.73% and a net margin of 3.76%. The firm had revenue of $1.80 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm posted $0.77 earnings per share. Owens-Illinois’s quarterly revenue was up 1.6% on a year-over-year basis.

Several equities research analysts have weighed in on OI shares. BMO Capital Markets set a $17.00 price objective on Owens-Illinois and gave the stock a “hold” rating in a research note on Thursday, September 12th. Bank of America cut Owens-Illinois from a “buy” rating to a “neutral” rating in a research note on Friday, August 2nd. Citigroup reduced their price objective on Owens-Illinois from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Wells Fargo & Co reduced their price objective on Owens-Illinois from $18.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 15th. Finally, Credit Suisse Group reduced their price objective on Owens-Illinois from $24.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $16.10.

NYSE OI traded up $0.15 during trading hours on Wednesday, hitting $9.99. 1,954,164 shares of the company were exchanged, compared to its average volume of 1,477,081. The stock has a 50-day moving average price of $9.93 and a 200 day moving average price of $14.68. The company has a quick ratio of 1.00, a current ratio of 1.53 and a debt-to-equity ratio of 5.72. Owens-Illinois has a 52 week low of $8.91 and a 52 week high of $20.78. The stock has a market cap of $1.51 billion, a PE ratio of 3.67, a price-to-earnings-growth ratio of 1.29 and a beta of 1.52.

In other news, Director Carol A. Williams purchased 10,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $12.21 per share, for a total transaction of $122,100.00. Following the completion of the acquisition, the director now owns 60,761 shares of the company’s stock, valued at $741,891.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. First Quadrant L P CA purchased a new stake in Owens-Illinois during the second quarter worth $25,000. Marshall Wace North America L.P. purchased a new stake in Owens-Illinois during the first quarter worth $25,000. Private Capital Group LLC lifted its holdings in Owens-Illinois by 75.5% during the second quarter. Private Capital Group LLC now owns 2,662 shares of the industrial products company’s stock worth $45,000 after buying an additional 1,145 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in Owens-Illinois during the second quarter worth $56,000. Finally, Meeder Asset Management Inc. lifted its holdings in Owens-Illinois by 11,870.8% during the third quarter. Meeder Asset Management Inc. now owns 8,619 shares of the industrial products company’s stock worth $89,000 after buying an additional 8,547 shares during the period. Hedge funds and other institutional investors own 91.63% of the company’s stock.

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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