Noteworthy Insider Trading: Owens-Illinois Inc (OI)

Owens-Illinois Inc (NYSE:OI) insider has recently participated in insider trading activity. Director, HELLMAN PETER S bought 5,000 shares for $66,190 via one transaction Feb 11. Another notable insider trading was done by Lopez Andres Alberto on Nov 03, who is the Chief Operating Officer of the company. The insider sold 205 shares at an average price of $21.92. Moreover, an insider buying of 3,000 shares was carried out by MCMACKIN JOHN J JR, Directorat the company, on Sep 11. Following the transaction, the insider now owns 47,323 shares in total. President of O-I North America, Galindo Sergio B.O. sold 5,236 shares for $125,990 through one transaction Jun 15. Following this sale, this insider’s stake in the company comprises 20,657 shares, priced at $269367.28 as of Friday.

The stock has experienced a total of 2 insider trades in the past three months. These trades include Zero sell activities and 2 buy trades. Furthermore, over the past 12 months, the stock was traded 31 times by insiders. In 10 of these trades, the insider was a seller while an employee of the company was the buyer in twenty one instances.

Owens-Illinois Inc (OI) on February 8, 2016 reported financial results for the full year and fourth quarter ending December 31, 2015. Net sales in the fourth quarter of 2015 were $1.6 billion, up $23 million from the prior year fourth quarter. For net sales of reportable segments, the stronger U.S. dollar led to unfavorable currency translation of approximately $200 million in net sales, or about a 13 percent decline. Price was essentially flat on a global basis, with higher prices in Latin America largely offset by lower prices in the other regions. The acquired business contributed $197 million in net sales.

Segment operating profit was $186 million in the fourth quarter, $6 million higher than prior year. On a constant currency basis, segment operating profit was up $40 million. The acquired business contributed $32 million of segment operating profit.  Excluding the acquired business, improved segment operating profit in North America and Asia Pacific were mostly offset by lower operating profit in Europe and the Latin America legacy business.

In the fourth quarter, the Company conducted its annual comprehensive legal review of asbestos-related liabilities. Based on this review, the Company has determined that it was able to reasonably estimate probable losses for asbestos claims not yet asserted against the Company for a period of four years versus the previous three year estimate. Therefore, the Company`s charge for 2015 is for a period one year longer than the accrual period determined as reasonably estimable in the annual comprehensive legal reviews conducted since 2003.