Owens-Illinois’ (OI) “Hold” Rating Reaffirmed at KeyCorp
KeyCorp reiterated their hold rating on shares of Owens-Illinois (NYSE:OI) in a research note issued to investors on Tuesday. KeyCorp also issued estimates for Owens-Illinois’ Q2 2018 earnings at $0.75 EPS, Q3 2018 earnings at $0.80 EPS, Q4 2018 earnings at $0.66 EPS and FY2019 earnings at $2.84 EPS.
“We are maintaining our 2018 adj. EPS estimate, though slightly reducing our 2019 estimate on below-the-line items.”,” KeyCorp’s analyst commented.
A number of other research firms have also recently commented on OI. Vertical Research upgraded Owens-Illinois to a buy rating and set a $27.00 target price for the company in a research note on Wednesday, February 7th. ValuEngine cut Owens-Illinois from a buy rating to a hold rating in a research note on Wednesday, March 28th. Wells Fargo lowered their target price on Owens-Illinois from $24.00 to $23.00 and set a market perform rating for the company in a research note on Friday, February 9th. Finally, Zacks Investment Research cut Owens-Illinois from a hold rating to a sell rating in a research note on Tuesday, December 26th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $25.54.
Owens-Illinois (NYSE:OI) last released its earnings results on Monday, April 23rd. The industrial products company reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.70 billion. Owens-Illinois had a return on equity of 46.76% and a net margin of 3.30%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.58 EPS. research analysts expect that Owens-Illinois will post 2.8 earnings per share for the current fiscal year.
Owens-Illinois declared that its board has authorized a share buyback plan on Tuesday, February 6th that authorizes the company to buyback $400.00 million in shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, SVP Moyano Giancarlo Currarino sold 11,910 shares of the firm’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $22.57, for a total transaction of $268,808.70. Following the completion of the transaction, the senior vice president now owns 28,070 shares of the company’s stock, valued at approximately $633,539.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.70% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of OI. Dimensional Fund Advisors LP increased its holdings in shares of Owens-Illinois by 3.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,489,248 shares of the industrial products company’s stock worth $37,470,000 after purchasing an additional 51,404 shares in the last quarter. Janus Henderson Group PLC bought a new stake in shares of Owens-Illinois in the 3rd quarter worth $1,794,000. Janney Montgomery Scott LLC increased its holdings in shares of Owens-Illinois by 48.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 21,402 shares of the industrial products company’s stock worth $538,000 after purchasing an additional 7,011 shares in the last quarter. Neuberger Berman Group LLC bought a new stake in shares of Owens-Illinois in the 3rd quarter worth $211,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Owens-Illinois in the 3rd quarter worth $427,000. 95.22% of the stock is owned by institutional investors and hedge funds.
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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