Owens-Illinois Inc (NYSE:OI) Short Interest Up 10.7% in November

Owens-Illinois Inc (NYSE:OI) was the target of a large increase in short interest during the month of November. As of November 29th, there was short interest totalling 10,660,000 shares, an increase of 10.7% from the November 14th total of 9,630,000 shares. Approximately 6.9% of the company’s shares are sold short. Based on an average daily trading volume, of 2,220,000 shares, the short-interest ratio is currently 4.8 days.

A number of equities analysts have recently commented on the company. KeyCorp restated a “sell” rating and issued a $8.00 price objective on shares of Owens-Illinois in a report on Tuesday, October 29th. ValuEngine upgraded shares of Owens-Illinois from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. BMO Capital Markets set a $17.00 price target on Owens-Illinois and gave the company a “hold” rating in a report on Thursday, September 12th. UBS Group reduced their price objective on Owens-Illinois from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Finally, Royal Bank of Canada decreased their target price on Owens-Illinois to $10.00 and set a “market perform” rating for the company in a research report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the stock. Owens-Illinois presently has an average rating of “Hold” and a consensus target price of $14.82.

Shares of OI traded up $0.14 during midday trading on Friday, hitting $11.73. The company had a trading volume of 4,280,543 shares, compared to its average volume of 1,724,535. The company has a quick ratio of 0.69, a current ratio of 1.15 and a debt-to-equity ratio of 12.64. The company’s 50 day moving average price is $9.83 and its 200 day moving average price is $12.22. Owens-Illinois has a 52 week low of $8.26 and a 52 week high of $20.78. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of 4.31, a PEG ratio of 1.60 and a beta of 1.55.

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

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Friday, November 29th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $0.20 dividend on an annualized basis and a yield of 1.71%. Owens-Illinois’s dividend payout ratio is currently 7.35%.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Marshall Wace North America L.P. bought a new position in Owens-Illinois in the 1st quarter valued at about $25,000. Private Capital Group LLC lifted its position in Owens-Illinois by 75.5% in the second quarter. Private Capital Group LLC now owns 2,662 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 1,145 shares during the period. Steward Partners Investment Advisory LLC bought a new position in Owens-Illinois during the 2nd quarter valued at $56,000. Oppenheimer Asset Management Inc. boosted its stake in Owens-Illinois by 15.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 6,560 shares of the industrial products company’s stock valued at $113,000 after purchasing an additional 879 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its position in shares of Owens-Illinois by 11,870.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 8,619 shares of the industrial products company’s stock valued at $89,000 after purchasing an additional 8,547 shares during the period. Hedge funds and other institutional investors own 91.33% of the company’s stock.

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.