Bank of America downgraded shares of Owens-Illinois (NYSE:OI) from a buy rating to a neutral rating in a research note released on Wednesday, Marketbeat.com reports. Bank of America currently has $27.00 price target on the industrial products company’s stock.

OI has been the subject of several other research reports. Zacks Investment Research downgraded Owens-Illinois from a hold rating to a sell rating in a research report on Tuesday, December 26th. ValuEngine upgraded Owens-Illinois from a hold rating to a buy rating in a report on Wednesday, March 7th. KeyCorp restated a hold rating on shares of Owens-Illinois in a report on Tuesday. Wells Fargo decreased their price objective on Owens-Illinois from $24.00 to $23.00 and set a market perform rating on the stock in a report on Friday, February 9th. Finally, Vertical Research upgraded Owens-Illinois to a buy rating and set a $27.00 price objective on the stock in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $25.54.

Owens-Illinois stock traded down $0.07 during mid-day trading on Wednesday, hitting $20.75. 751,692 shares of the company were exchanged, compared to its average volume of 1,277,602. The company has a debt-to-equity ratio of 5.04, a quick ratio of 0.61 and a current ratio of 1.33. The company has a market capitalization of $3,366.75, a price-to-earnings ratio of 7.83, a PEG ratio of 1.29 and a beta of 1.41. Owens-Illinois has a 12-month low of $19.45 and a 12-month high of $25.90.

Owens-Illinois (NYSE:OI) last released its quarterly earnings results on Monday, April 23rd. The industrial products company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.01. The company had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.70 billion. Owens-Illinois had a return on equity of 46.76% and a net margin of 3.30%. Owens-Illinois’s revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 earnings per share. analysts forecast that Owens-Illinois will post 2.8 EPS for the current fiscal year.

Owens-Illinois declared that its Board of Directors has authorized a share buyback plan on Tuesday, February 6th that permits the company to repurchase $400.00 million in outstanding shares. This repurchase authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

In related news, SVP Moyano Giancarlo Currarino sold 11,910 shares of Owens-Illinois stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $22.57, for a total value of $268,808.70. Following the transaction, the senior vice president now owns 28,070 shares in the company, valued at $633,539.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the stock. Advisors Preferred LLC lifted its stake in shares of Owens-Illinois by 366.7% during the fourth quarter. Advisors Preferred LLC now owns 5,498 shares of the industrial products company’s stock worth $122,000 after purchasing an additional 4,320 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Owens-Illinois during the fourth quarter worth about $188,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Owens-Illinois by 43.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,889 shares of the industrial products company’s stock worth $197,000 after purchasing an additional 2,702 shares in the last quarter. Neuberger Berman Group LLC acquired a new position in shares of Owens-Illinois during the third quarter worth about $211,000. Finally, Eagle Asset Management Inc. acquired a new position in shares of Owens-Illinois during the fourth quarter worth about $221,000. Hedge funds and other institutional investors own 95.22% 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 Europe, North America, Latin America, and the Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.

Analyst Recommendations for Owens-Illinois (NYSE:OI)

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