Owens-Illinois Inc (OI) Stake Cut by Metropolitan Life Insurance Co. NY

Owens-Illinois Inc (OI) Stake Cut by Metropolitan Life Insurance Co. NY

Metropolitan Life Insurance Co. NY lowered its position in Owens-Illinois Inc (NYSE:OI) by 11.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 46,635 shares of the industrial products company’s stock after selling 6,231 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in Owens-Illinois were worth $784,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in OI. IFP Advisors Inc lifted its position in shares of Owens-Illinois by 18.1% during the 1st quarter. IFP Advisors Inc now owns 22,600 shares of the industrial products company’s stock worth $490,000 after buying an additional 3,457 shares during the period. Mutual of America Capital Management LLC increased its holdings in Owens-Illinois by 2.7% during the 2nd quarter. Mutual of America Capital Management LLC now owns 138,969 shares of the industrial products company’s stock valued at $2,336,000 after purchasing an additional 3,718 shares in the last quarter. Systematic Financial Management LP increased its holdings in Owens-Illinois by 6.4% during the 1st quarter. Systematic Financial Management LP now owns 63,290 shares of the industrial products company’s stock valued at $1,371,000 after purchasing an additional 3,825 shares in the last quarter. Sei Investments Co. increased its holdings in Owens-Illinois by 56.3% during the 1st quarter. Sei Investments Co. now owns 11,665 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 4,200 shares in the last quarter. Finally, LPL Financial LLC increased its holdings in Owens-Illinois by 11.2% during the 1st quarter. LPL Financial LLC now owns 44,651 shares of the industrial products company’s stock valued at $966,000 after purchasing an additional 4,481 shares in the last quarter. Institutional investors own 93.05% of the company’s stock.

OI has been the subject of a number of recent analyst reports. Zacks Investment Research cut Owens-Illinois from a “hold” rating to a “sell” rating in a report on Friday, June 22nd. Barclays lowered their target price on Owens-Illinois from $25.00 to $20.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 27th. Citigroup lowered their target price on Owens-Illinois from $29.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, July 10th. Robert W. Baird lowered their target price on Owens-Illinois from $25.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, July 25th. Finally, Bank of America set a $22.00 target price on Owens-Illinois and gave the company a “hold” rating in a research note on Wednesday, July 25th. Two equities research 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’s stock. Owens-Illinois presently has a consensus rating of “Hold” and an average target price of $23.99.

Shares of Owens-Illinois stock opened at $18.87 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.21 and a debt-to-equity ratio of 5.98. Owens-Illinois Inc has a 12 month low of $16.22 and a 12 month high of $25.90. The firm has a market cap of $2.99 billion, a P/E ratio of 7.12, a P/E/G ratio of 1.04 and a beta of 1.40.

Owens-Illinois (NYSE:OI) last posted its earnings results on Monday, July 23rd. The industrial products company reported $0.77 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.03. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.81 billion. Owens-Illinois had a return on equity of 45.52% and a net margin of 2.01%. During the same period in the previous year, the company posted $0.75 earnings per share. As a group, equities research analysts anticipate that Owens-Illinois Inc will post 2.74 earnings per share for the current fiscal year.

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.

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