Owens-Illinois Inc (NYSE:OI) Expected to Post Quarterly Sales of $1.62 Billion

Analysts expect Owens-Illinois Inc (NYSE:OI) to post sales of $1.62 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Owens-Illinois’ earnings. The lowest sales estimate is $1.60 billion and the highest is $1.64 billion. Owens-Illinois reported sales of $1.64 billion during the same quarter last year, which would suggest a negative year over year growth rate of 1.2%. The firm is scheduled to announce its next quarterly earnings results on Tuesday, February 4th.

On average, analysts expect that Owens-Illinois will report full year sales of $6.68 billion for the current year, with estimates ranging from $6.66 billion to $6.70 billion. For the next financial year, analysts forecast that the firm will report sales of $6.64 billion, with estimates ranging from $6.56 billion to $6.76 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover Owens-Illinois.

Owens-Illinois (NYSE:OI) last posted its earnings results on Monday, October 28th. The industrial products company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.01). Owens-Illinois had a negative net margin of 6.58% and a positive return on equity of 42.84%. The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the previous year, the business posted $0.75 earnings per share. The business’s quarterly revenue was down 1.8% compared to the same quarter last year.

OI has been the subject of a number of research analyst reports. KeyCorp reaffirmed a “sell” rating and issued a $8.00 price target on shares of Owens-Illinois in a research note on Tuesday, October 29th. ValuEngine raised Owens-Illinois from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. BMO Capital Markets set a $17.00 price target on Owens-Illinois and gave the company a “hold” rating in a research report on Thursday, September 12th. Credit Suisse Group cut their price objective on Owens-Illinois from $24.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 9th. Finally, Wells Fargo & Co cut Owens-Illinois from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $15.00 to $10.00 in a research note on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $14.82.

A number of hedge funds have recently bought and sold shares of the business. Millennium Management LLC boosted its holdings in Owens-Illinois by 2,544.2% in the third quarter. Millennium Management LLC now owns 5,614,748 shares of the industrial products company’s stock worth $57,663,000 after purchasing an additional 5,402,405 shares in the last quarter. Voloridge Investment Management LLC bought a new position in shares of Owens-Illinois in the third quarter valued at approximately $1,117,000. Zebra Capital Management LLC acquired a new stake in shares of Owens-Illinois in the third quarter worth $179,000. California State Teachers Retirement System boosted its holdings in shares of Owens-Illinois by 0.9% during the 3rd quarter. California State Teachers Retirement System now owns 257,318 shares of the industrial products company’s stock worth $2,643,000 after buying an additional 2,347 shares during the period. Finally, Stifel Financial Corp boosted its holdings in shares of Owens-Illinois by 25.5% during the 3rd quarter. Stifel Financial Corp now owns 232,790 shares of the industrial products company’s stock worth $2,366,000 after buying an additional 47,252 shares during the period. 91.38% of the stock is owned by institutional investors.

OI stock traded up $0.52 on Friday, reaching $10.15. The company’s stock had a trading volume of 1,198,903 shares, compared to its average volume of 1,790,599. Owens-Illinois has a 52 week low of $8.26 and a 52 week high of $20.78. The company has a debt-to-equity ratio of 12.64, a current ratio of 1.15 and a quick ratio of 0.69. The company has a market capitalization of $1.54 billion, a P/E ratio of 3.73, a price-to-earnings-growth ratio of 1.36 and a beta of 1.55. The firm has a fifty day moving average of $9.52 and a two-hundred day moving average of $12.73.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 29th will be paid a $0.05 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $0.20 dividend on an annualized basis and a yield of 1.97%. Owens-Illinois’s dividend payout ratio is currently 7.35%.

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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