O-I Glass (NYSE:OI) Price Target Lowered to $18.00 at Wells Fargo & Company

O-I Glass (NYSE:OI) had its target price decreased by equities research analysts at Wells Fargo & Company from $19.00 to $18.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 52.93% from the company’s current price.

OI has been the topic of a number of other reports. Robert W. Baird decreased their target price on O-I Glass from $28.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, May 2nd. Citigroup decreased their target price on O-I Glass from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Monday, July 8th. Royal Bank of Canada decreased their target price on O-I Glass from $25.00 to $21.00 and set an “outperform” rating on the stock in a research note on Thursday, May 2nd. Bank of America restated a “neutral” rating and issued a $16.00 target price (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Finally, Barclays reduced their price objective on O-I Glass from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Monday, May 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.78.

O-I Glass Stock Performance

Shares of NYSE:OI traded up $0.07 during midday trading on Wednesday, reaching $11.77. 160,416 shares of the company traded hands, compared to its average volume of 1,750,092. The company has a quick ratio of 0.56, a current ratio of 1.02 and a debt-to-equity ratio of 2.26. O-I Glass has a 12 month low of $10.08 and a 12 month high of $23.57. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of -7.40, a price-to-earnings-growth ratio of 1.08 and a beta of 1.24. The firm’s fifty day moving average price is $11.94 and its two-hundred day moving average price is $14.32.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.69 billion. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.29 EPS. On average, equities analysts expect that O-I Glass will post 1.71 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

Several institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in O-I Glass by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock valued at $321,220,000 after acquiring an additional 221,823 shares during the period. Dimensional Fund Advisors LP boosted its holdings in O-I Glass by 12.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock valued at $108,358,000 after acquiring an additional 728,493 shares during the period. Levin Capital Strategies L.P. boosted its holdings in O-I Glass by 66.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company’s stock valued at $46,586,000 after acquiring an additional 1,116,340 shares during the period. Assenagon Asset Management S.A. boosted its holdings in O-I Glass by 32.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,644,360 shares of the industrial products company’s stock valued at $43,870,000 after acquiring an additional 641,493 shares during the period. Finally, Private Management Group Inc. boosted its holdings in O-I Glass by 0.7% during the 1st quarter. Private Management Group Inc. now owns 2,065,441 shares of the industrial products company’s stock valued at $34,266,000 after acquiring an additional 13,555 shares during the period. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.