Owens-Illinois Inc (NYSE:OI) Short Interest Down 10.3% in June

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Owens-Illinois Inc (NYSE:OI) was the target of a significant decrease in short interest in the month of June. As of June 30th, there was short interest totalling 6,892,200 shares, a decrease of 10.3% from the May 30th total of 7,679,600 shares. Currently, 4.5% of the shares of the stock are short sold. Based on an average daily volume of 1,120,000 shares, the days-to-cover ratio is currently 6.2 days.

Several hedge funds have recently added to or reduced their stakes in OI. Marshall Wace North America L.P. purchased a new position in shares of Owens-Illinois in the first quarter worth $25,000. North Star Investment Management Corp. raised its stake in Owens-Illinois by 105.7% during the first quarter. North Star Investment Management Corp. now owns 2,160 shares of the industrial products company’s stock valued at $41,000 after purchasing an additional 1,110 shares in the last quarter. Zions Bancorporation N.A. purchased a new stake in Owens-Illinois during the first quarter valued at $46,000. Legacy Advisors LLC purchased a new stake in Owens-Illinois during the first quarter valued at $48,000. Finally, Alpha Omega Wealth Management LLC raised its stake in Owens-Illinois by 59.3% during the first quarter. Alpha Omega Wealth Management LLC now owns 2,637 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 982 shares in the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Shares of OI stock traded down $0.02 during mid-day trading on Friday, hitting $16.90. The company had a trading volume of 705,900 shares, compared to its average volume of 1,151,041. Owens-Illinois has a 52-week low of $15.67 and a 52-week high of $20.78. The company has a 50 day simple moving average of $16.93. The company has a debt-to-equity ratio of 5.76, a current ratio of 1.39 and a quick ratio of 0.83. The stock has a market capitalization of $2.63 billion, a P/E ratio of 6.21, a P/E/G ratio of 0.85 and a beta of 1.43.

Owens-Illinois (NYSE:OI) last released its earnings results on Wednesday, May 1st. The industrial products company reported $0.51 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.02). Owens-Illinois had a return on equity of 43.45% and a net margin of 3.53%. The company had revenue of $1.60 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the firm posted $0.59 EPS. Owens-Illinois’s quarterly revenue was down 7.8% compared to the same quarter last year. As a group, equities analysts expect that Owens-Illinois will post 2.89 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Friday, May 31st were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.18%. The ex-dividend date was Thursday, May 30th. Owens-Illinois’s dividend payout ratio (DPR) is presently 7.35%.

OI has been the subject of a number of recent analyst reports. Wells Fargo & Co reiterated a “buy” rating and issued a $115.00 price target on shares of Tractor Supply in a research report on Wednesday, May 15th. Bank of America lowered shares of Genesee & Wyoming from a “neutral” rating to an “underperform” rating and set a $88.65 price target for the company. in a research report on Tuesday, April 30th. UFS upgraded shares of Owens-Illinois from a “neutral” rating to a “buy” rating in a research report on Tuesday, April 30th. Finally, ValuEngine upgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research report on Tuesday, April 30th. Three analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $21.41.

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.

Read More: How To Calculate Debt-to-Equity Ratio

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