$1.76 Billion in Sales Expected for Owens-Illinois Inc (OI) This Quarter

Wall Street brokerages expect Owens-Illinois Inc (NYSE:OI) to post $1.76 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Owens-Illinois’ earnings, with the highest sales estimate coming in at $1.77 billion and the lowest estimate coming in at $1.75 billion. Owens-Illinois reported sales of $1.77 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 0.6%. The firm is expected to issue its next quarterly earnings report on Monday, July 22nd.

On average, analysts expect that Owens-Illinois will report full-year sales of $6.90 billion for the current fiscal year, with estimates ranging from $6.84 billion to $6.93 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $7.03 billion, with estimates ranging from $6.84 billion to $7.17 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Owens-Illinois.

Owens-Illinois (NYSE:OI) last announced its quarterly earnings data on Wednesday, May 1st. The industrial products company reported $0.51 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.02). Owens-Illinois had a net margin of 3.53% and a return on equity of 43.45%. The company had revenue of $1.60 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business earned $0.59 EPS. The firm’s revenue for the quarter was down 7.8% on a year-over-year basis.

OI has been the subject of a number of recent research reports. ValuEngine upgraded shares of Owens-Illinois from a “strong sell” rating to a “sell” rating in a report 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. Bank of America upgraded shares of Owens-Illinois from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $21.00 to $24.00 in a research note on Tuesday, April 30th. Zacks Investment Research downgraded shares of Owens-Illinois from a “hold” rating to a “sell” rating in a research note on Friday, February 1st. Finally, TheStreet upgraded shares of Owens-Illinois from a “c+” rating to a “b” rating in a research note on Friday, January 25th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $21.37.

In related news, insider Timothy M. Connors sold 44,715 shares of the company’s stock in a transaction on Friday, March 8th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Moyano Giancarlo Currarino sold 57,560 shares of the company’s stock in a transaction on 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 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. Insiders own 0.90% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Marshall Wace North America L.P. acquired a new stake in Owens-Illinois in the 1st quarter valued at about $25,000. Trexquant Investment LP acquired a new stake in Owens-Illinois in the 1st quarter valued at about $1,202,000. Lazard Asset Management LLC acquired a new stake in Owens-Illinois in the 1st quarter valued at about $892,000. Teza Capital Management LLC acquired a new stake in Owens-Illinois in the 1st quarter valued at about $464,000. Finally, Private Advisor Group LLC acquired a new stake in Owens-Illinois in the 1st quarter valued at about $596,000. 96.30% of the stock is currently owned by hedge funds and other institutional investors.

OI traded up $0.19 during midday trading on Thursday, reaching $17.21. 1,297,793 shares of the company’s stock were exchanged, compared to its average volume of 1,273,713. The company has a current ratio of 1.39, a quick ratio of 0.83 and a debt-to-equity ratio of 5.76. The stock has a market cap of $2.64 billion, a P/E ratio of 6.33, a PEG ratio of 0.83 and a beta of 1.35. Owens-Illinois has a 1-year low of $15.67 and a 1-year high of $20.78.

The company also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Friday, May 31st will be given a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, May 30th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.16%. Owens-Illinois’s payout ratio is currently 7.35%.

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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