Bank of America upgraded shares of Owens-Illinois (NYSE:OI) from a neutral rating to a buy rating in a research note issued to investors on Friday, MarketBeat reports. Bank of America currently has $22.00 target price on the industrial products company’s stock.
OI has been the topic of several other reports. Zacks Investment Research lowered Owens-Illinois from a hold rating to a sell rating in a report on Tuesday, September 25th. Wells Fargo & Co dropped their price objective on Owens-Illinois from $20.00 to $18.00 and set a market perform rating on the stock in a report on Thursday, November 1st. Finally, Robert W. Baird dropped their price objective on Owens-Illinois from $25.00 to $21.00 and set a neutral rating on the stock in a report on Wednesday, July 25th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the stock. Owens-Illinois presently has a consensus rating of Hold and an average target price of $23.21.
Owens-Illinois stock traded down $0.37 during midday trading on Friday, hitting $16.60. 1,316,831 shares of the company were exchanged, compared to its average volume of 1,669,151. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of 6.26, a price-to-earnings-growth ratio of 1.06 and a beta of 1.47. Owens-Illinois has a fifty-two week low of $15.67 and a fifty-two week high of $24.66. The company has a quick ratio of 0.84, a current ratio of 1.32 and a debt-to-equity ratio of 5.14.
A number of institutional investors and hedge funds have recently modified their holdings of OI. SRS Capital Advisors Inc. purchased a new position in shares of Owens-Illinois in the third quarter valued at approximately $109,000. Point72 Hong Kong Ltd lifted its position in shares of Owens-Illinois by 99,050.0% in the second quarter. Point72 Hong Kong Ltd now owns 7,932 shares of the industrial products company’s stock valued at $133,000 after acquiring an additional 7,924 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Owens-Illinois in the third quarter valued at approximately $152,000. US Bancorp DE lifted its position in shares of Owens-Illinois by 77.6% in the third quarter. US Bancorp DE now owns 8,146 shares of the industrial products company’s stock valued at $153,000 after acquiring an additional 3,558 shares in the last quarter. Finally, Hartford Investment Management Co. purchased a new position in shares of Owens-Illinois in the second quarter valued at approximately $168,000. 93.15% of the stock is currently owned by institutional investors.
Owens-Illinois Company Profile
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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