Prudential PLC Reduces Stake in Owens-Illinois, Inc. (NYSE:OI)

Prudential PLC reduced its position in shares of Owens-Illinois, Inc. (NYSE:OI) by 58.8% in the second quarter, according to its most recent filing with the SEC. The fund owned 405,513 shares of the industrial products company’s stock after selling 578,372 shares during the quarter. Prudential PLC owned about 0.25% of Owens-Illinois worth $9,700,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale boosted its position in shares of Owens-Illinois by 104.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 4,635 shares of the industrial products company’s stock valued at $110,000 after acquiring an additional 2,366 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Owens-Illinois in the second quarter worth $113,000. Acrospire Investment Management LLC lifted its position in Owens-Illinois by 163.8% in the second quarter. Acrospire Investment Management LLC now owns 6,714 shares of the industrial products company’s stock worth $161,000 after buying an additional 4,169 shares during the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. lifted its position in Owens-Illinois by 113.2% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,100 shares of the industrial products company’s stock worth $165,000 after buying an additional 4,300 shares during the last quarter. Finally, American National Insurance Co. TX bought a new stake in Owens-Illinois in the second quarter worth $227,000. Hedge funds and other institutional investors own 95.06% of the company’s stock.

Shares of Owens-Illinois, Inc. (NYSE OI) opened at 25.63 on Tuesday. The firm has a 50-day moving average price of $24.76 and a 200 day moving average price of $23.25. Owens-Illinois, Inc. has a one year low of $16.89 and a one year high of $25.90. The firm has a market cap of $4.17 billion, a P/E ratio of 18.57 and a beta of 1.49.

Owens-Illinois (NYSE:OI) last released its earnings results on Monday, July 31st. The industrial products company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.08. The firm had revenue of $1.75 billion during the quarter, compared to the consensus estimate of $1.77 billion. Owens-Illinois had a return on equity of 72.15% and a net margin of 3.36%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 earnings per share. On average, analysts forecast that Owens-Illinois, Inc. will post $2.63 earnings per share for the current fiscal year.

In other news, insider Sergio B.O. Galindo sold 5,477 shares of the stock in a transaction on Friday, September 1st. The stock was sold at an average price of $24.93, for a total transaction of $136,541.61. Following the completion of the sale, the insider now owns 34,890 shares in the company, valued at approximately $869,807.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Moyano Giancarlo Currarino sold 1,360 shares of the stock in a transaction on Friday, September 8th. The shares were sold at an average price of $23.97, for a total value of $32,599.20. Following the sale, the senior vice president now owns 23,954 shares of the company’s stock, valued at approximately $574,177.38. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.

A number of analysts have weighed in on OI shares. BMO Capital Markets reiterated a “hold” rating and issued a $25.00 target price on shares of Owens-Illinois in a research note on Sunday, August 27th. Zacks Investment Research lowered Owens-Illinois from a “buy” rating to a “sell” rating in a research note on Tuesday, October 3rd. BidaskClub upgraded Owens-Illinois from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. Jefferies Group LLC restated a “hold” rating and set a $27.00 price target (up previously from $26.00) on shares of Owens-Illinois in a research note on Wednesday, August 2nd. Finally, Robert W. Baird restated a “hold” rating and set a $25.00 price target on shares of Owens-Illinois in a research note on Friday, September 1st. Three analysts have rated the stock with a sell rating, seven have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Owens-Illinois has a consensus rating of “Hold” and an average price target of $25.60.

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Owens-Illinois Company Profile

Owens-Illinois, Inc is a manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company’s segments include Europe, North America, Latin America and Asia Pacific. The Company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.

Institutional Ownership by Quarter for Owens-Illinois (NYSE:OI)

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