Owens-Illinois Inc (OI) Expected to Post Quarterly Sales of $1.64 Billion

Equities analysts expect Owens-Illinois Inc (NYSE:OI) to post $1.64 billion in sales for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Owens-Illinois’ earnings, with the highest sales estimate coming in at $1.69 billion and the lowest estimate coming in at $1.58 billion. Owens-Illinois reported sales of $1.74 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 5.7%. The firm is scheduled to announce its next earnings report after the market closes on Wednesday, May 1st.

According to Zacks, analysts expect that Owens-Illinois will report full year sales of $6.81 billion for the current year, with estimates ranging from $6.71 billion to $6.89 billion. For the next financial year, analysts expect that the firm will post sales of $6.86 billion, with estimates ranging from $6.64 billion to $7.04 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Owens-Illinois.

Owens-Illinois (NYSE:OI) last announced its earnings results on Tuesday, February 5th. The industrial products company reported $0.61 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.01). Owens-Illinois had a net margin of 3.75% and a return on equity of 44.17%. The business had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same period in the previous year, the company earned $0.55 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis.

Several equities research analysts recently issued reports on the company. TheStreet raised Owens-Illinois from a “c+” rating to a “b” rating in a research report on Friday, January 25th. Zacks Investment Research raised Owens-Illinois from a “hold” rating to a “buy” rating and set a $19.00 price target on the stock in a research report on Wednesday, January 2nd. BMO Capital Markets dropped their price target on Owens-Illinois to $21.00 and set a “market perform” rating on the stock in a research report on Thursday, February 7th. Barclays lowered Owens-Illinois from a “buy” rating to a “neutral” rating and dropped their price target for the company from $25.00 to $20.00 in a research report on Monday, January 7th. Finally, Citigroup lowered Owens-Illinois from a “buy” rating to a “neutral” rating in a research report on Monday, January 7th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Owens-Illinois presently has an average rating of “Hold” and a consensus price target of $21.39.

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

A number of hedge funds and other institutional investors have recently modified their holdings of OI. Alpha Omega Wealth Management LLC bought a new position in shares of Owens-Illinois in the fourth quarter worth $29,000. North Star Investment Management Corp. grew its stake in shares of Owens-Illinois by 105.7% in the first quarter. North Star Investment Management Corp. now owns 2,160 shares of the industrial products company’s stock worth $41,000 after purchasing an additional 1,110 shares in the last quarter. Destination Wealth Management bought a new position in shares of Owens-Illinois in the fourth quarter worth $41,000. Legacy Advisors LLC bought a new position in shares of Owens-Illinois in the first quarter worth $48,000. Finally, NumerixS Investment Technologies Inc bought a new position in shares of Owens-Illinois in the fourth quarter worth $53,000. 96.15% of the stock is currently owned by hedge funds and other institutional investors.

Shares of OI traded down $0.14 during trading on Tuesday, reaching $18.94. The company’s stock had a trading volume of 756,723 shares, compared to its average volume of 940,072. Owens-Illinois has a twelve month low of $15.67 and a twelve month high of $22.16. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of 6.96, a PEG ratio of 0.90 and a beta of 1.35. The company has a quick ratio of 0.61, a current ratio of 1.07 and a debt-to-equity ratio of 5.76.

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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