Olstein Capital Management Lowers stake in Owens-Illinois Inc (OI)

Owens-Illinois Inc (OI) : Olstein Capital Management reduced its stake in Owens-Illinois Inc by 12.4% during the most recent quarter end. The investment management company now holds a total of 709,702 shares of Owens-Illinois Inc which is valued at $13,555,308 after selling 100,498 shares in Owens-Illinois Inc , the firm said in a disclosure report filed with the SEC on Aug 9, 2016.Owens-Illinois Inc makes up approximately 1.73% of Olstein Capital Management’s portfolio.

Other Hedge Funds, Including , Dimensional Fund Advisors Lp reduced its stake in OI by selling 30,708 shares or 2.01% in the most recent quarter. The Hedge Fund company now holds 1,496,660 shares of OI which is valued at $28,586,206. Owens-Illinois Inc makes up approx 0.02% of Dimensional Fund Advisors Lp’s portfolio.Cibc Asset Management Inc boosted its stake in OI in the latest quarter, The investment management firm added 253 additional shares and now holds a total of 14,865 shares of Owens-Illinois Inc which is valued at $276,489. Oakbrook Investments added OI to its portfolio by purchasing 21,950 company shares during the most recent quarter which is valued at $399,490. Owens-Illinois Inc makes up approx 0.02% of Oakbrook Investments’s portfolio. Simplex Trading sold out all of its stake in OI during the most recent quarter. The investment firm sold 16,277 shares of OI which is valued $296,404.

Owens-Illinois Inc opened for trading at $18.66 and hit $18.85 on the upside on Wednesday, eventually ending the session at $18.76, with a gain of 0.27% or 0.05 points. The heightened volatility saw the trading volume jump to 9,81,614 shares. Company has a market cap of $3,041 M.

On the company’s financial health, Owens-Illinois Inc reported $0.65 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Jul 27, 2016. Analyst had a consensus of $0.63. The company had revenue of $1760.00 million for the quarter, compared to analysts expectations of $1727.12 million. The company’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.60 EPS.

Many Wall Street Analysts have commented on Owens-Illinois Inc. Owens-Illinois Inc was Initiated by Goldman to “Sell” on May 12, 2016.

Owens-Illinois Inc. is the manufacturer of glass containers. The Company has approximately 75 glass manufacturing plants in over 21 countries. Its product lines include glass containers for the food and beverage industries. The Company operates in four segments: Europe North America South America and Asia Pacific. The Europe segment primarily produces glass containers for beer wine champagne spirits and food markets. The North America segment has glass container manufacturing plants in the United States and Canada. The South America segment primarily produces glass containers for beer non-alcoholic beverages spirits flavored malt beverages wine food and pharmaceuticals markets. The Asia Pacific segment primarily produces glass containers for the beer wine food and non-alcoholic beverage markets. The Company also produces glass packaging for a variety of food items soft drinks teas juices and pharmaceuticals.

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