Owens-Illinois Inc (NYSE:OI) Short Interest Up 16.9% in October

Owens-Illinois Inc (NYSE:OI) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 8,710,000 shares, a growth of 16.9% from the September 30th total of 7,450,000 shares. Based on an average daily volume of 2,140,000 shares, the short-interest ratio is currently 4.1 days. Currently, 5.7% of the company’s stock are sold short.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. First Quadrant L P CA bought a new stake in Owens-Illinois in the 2nd quarter valued at approximately $25,000. Marshall Wace North America L.P. bought a new stake in Owens-Illinois in the 1st quarter valued at approximately $25,000. Private Capital Group LLC lifted its stake in Owens-Illinois by 75.5% in the 2nd quarter. Private Capital Group LLC now owns 2,662 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 1,145 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Owens-Illinois during the 2nd quarter worth approximately $56,000. Finally, Oppenheimer Asset Management Inc. increased its position in shares of Owens-Illinois by 25.9% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 8,261 shares of the industrial products company’s stock worth $85,000 after purchasing an additional 1,701 shares during the last quarter. Hedge funds and other institutional investors own 91.87% of the company’s stock.

Several equities analysts have recently weighed in on the company. TheStreet cut Owens-Illinois from a “c” rating to a “d” rating in a report on Friday, November 1st. Wells Fargo & Co cut Owens-Illinois from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $15.00 to $10.00 in a report on Thursday, October 31st. Bank of America cut Owens-Illinois from a “buy” rating to a “neutral” rating in a report on Friday, August 2nd. Credit Suisse Group cut their price objective on Owens-Illinois from $24.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 9th. Finally, Royal Bank of Canada cut their price objective on Owens-Illinois to $10.00 and set a “market perform” rating on the stock in a report on Tuesday, November 5th. Three equities 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 stock currently has an average rating of “Hold” and an average price target of $14.68.

NYSE OI traded up $0.03 during trading on Tuesday, hitting $9.32. The stock had a trading volume of 1,972,405 shares, compared to its average volume of 1,582,559. The company has a market capitalization of $1.43 billion, a PE ratio of 3.43, a P/E/G ratio of 1.26 and a beta of 1.49. The company’s 50-day moving average price is $9.59 and its two-hundred day moving average price is $13.71. 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 has a 12 month low of $8.26 and a 12 month high of $20.78.

Owens-Illinois (NYSE:OI) last released its earnings results on Monday, October 28th. The industrial products company reported $0.54 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.01). The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate 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 revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 EPS. As a group, equities analysts anticipate that Owens-Illinois will post 2.21 earnings per share for the current fiscal year.

The company 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 annualized dividend and a yield of 2.15%. The ex-dividend date is Wednesday, November 27th. Owens-Illinois’s payout ratio is 7.35%.

About Owens-Illinois

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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