Owens-Illinois (NYSE:OI) Upgraded by Goldman Sachs Group to “Neutral”

Goldman Sachs Group upgraded shares of Owens-Illinois (NYSE:OI) from a sell rating to a neutral rating in a research note published on Monday, BenzingaRatingsTable reports. The brokerage currently has $13.00 price target on the industrial products company’s stock, down from their previous price target of $17.00.

OI has been the subject of several other research reports. KeyCorp dropped their price target 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. Wells Fargo & Co raised shares of Owens-Illinois from a market perform rating to an outperform rating and increased their price target for the company from $20.00 to $24.00 in a research report on Wednesday, May 15th. ValuEngine cut shares of Owens-Illinois from a sell rating to a strong sell rating in a research report on Thursday, August 1st. Bank of America cut shares of Owens-Illinois from a buy rating to a neutral rating in a research report on Friday. Finally, UFS raised shares of Owens-Illinois from a neutral rating to a buy rating in a research report on Tuesday, April 30th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and an average target price of $18.89.

Shares of Owens-Illinois stock opened at $11.95 on Monday. Owens-Illinois has a 52-week low of $11.80 and a 52-week high of $20.78. The stock has a market cap of $1.92 billion, a PE ratio of 4.39, a price-to-earnings-growth ratio of 0.73 and a beta of 1.41. The firm has a fifty day simple moving average of $16.69. 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 (NYSE:OI) last announced its quarterly earnings results on Wednesday, July 31st. The industrial products company reported $0.69 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.76 by ($0.07). The firm had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Owens-Illinois had a net margin of 3.76% and a return on equity of 39.73%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.77 EPS. On average, analysts predict that Owens-Illinois will post 2.48 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Friday, August 30th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, August 29th. This represents a $0.20 annualized dividend and a yield of 1.67%. Owens-Illinois’s payout ratio is currently 7.35%.

Hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. raised its holdings in Owens-Illinois by 30.7% in the 1st quarter. JPMorgan Chase & Co. now owns 383,051 shares of the industrial products company’s stock worth $7,271,000 after purchasing an additional 89,913 shares in the last quarter. Foundry Partners LLC raised its holdings in Owens-Illinois by 8.9% in the 1st quarter. Foundry Partners LLC now owns 572,442 shares of the industrial products company’s stock worth $10,865,000 after purchasing an additional 47,023 shares in the last quarter. FMR LLC raised its holdings in Owens-Illinois by 33.0% in the 4th quarter. FMR LLC now owns 1,567,548 shares of the industrial products company’s stock worth $27,025,000 after purchasing an additional 389,051 shares in the last quarter. Brightline Capital Management LLC bought a new position in shares of Owens-Illinois in the 1st quarter worth about $1,708,000. Finally, AJO LP bought a new position in shares of Owens-Illinois in the 1st quarter worth about $439,000. Institutional investors and hedge funds own 92.27% of the company’s stock.

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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