Owens-Illinois (NYSE:OI) Shares Up 5.6%

Shares of Owens-Illinois Inc (NYSE:OI) shot up 5.6% during mid-day trading on Thursday . The stock traded as high as $11.35 and last traded at $11.27, 2,432,079 shares traded hands during trading. An increase of 52% from the average session volume of 1,602,273 shares. The stock had previously closed at $10.67.

Several research firms have recently issued reports on OI. TheStreet lowered shares of Owens-Illinois from a “c” rating to a “d” rating in a research note on Friday, November 1st. Credit Suisse Group decreased their price target on shares of Owens-Illinois from $24.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 9th. ValuEngine raised shares of Owens-Illinois from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. 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. Finally, Citigroup decreased their price target on shares of Owens-Illinois from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 25th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $14.82.

The stock has a market capitalization of $1.60 billion, a PE ratio of 4.14, a price-to-earnings-growth ratio of 1.41 and a beta of 1.55. The stock’s 50 day moving average is $9.64 and its two-hundred day moving average is $12.43. The company has a debt-to-equity ratio of 12.64, a quick ratio of 0.69 and a current ratio of 1.15.

Owens-Illinois (NYSE:OI) last issued its quarterly earnings results on Monday, October 28th. The industrial products company reported $0.54 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.01). The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.74 billion. Owens-Illinois had a negative net margin of 6.58% and a positive return on equity of 42.84%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.75 earnings per share. Equities research analysts expect that Owens-Illinois Inc will post 2.21 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 29th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Wednesday, November 27th. Owens-Illinois’s dividend payout ratio (DPR) is 7.35%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OI. Millennium Management LLC lifted its stake in Owens-Illinois by 2,544.2% in the 3rd 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. Russell Investments Group Ltd. lifted its stake in Owens-Illinois by 60.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 11,599,634 shares of the industrial products company’s stock worth $119,126,000 after purchasing an additional 4,383,107 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Owens-Illinois in the 2nd quarter worth approximately $15,531,000. BlackRock Inc. lifted its stake in Owens-Illinois by 4.2% in the 2nd quarter. BlackRock Inc. now owns 14,798,907 shares of the industrial products company’s stock worth $255,580,000 after purchasing an additional 598,742 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in Owens-Illinois by 37.7% in the 2nd quarter. Prudential Financial Inc. now owns 1,660,573 shares of the industrial products company’s stock worth $28,678,000 after purchasing an additional 454,340 shares in the last quarter. 91.33% of the stock is currently owned by institutional investors and hedge funds.

About Owens-Illinois (NYSE:OI)

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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