O-I Glass (NYSE:OI) Announces Quarterly Earnings Results

O-I Glass (NYSE:OI) issued its quarterly earnings results on Tuesday. The industrial products company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01, FiscalAI reports. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.52 billion. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%.

O-I Glass Trading Down 0.5%

Shares of O-I Glass stock traded down $0.08 on Tuesday, hitting $16.34. The stock had a trading volume of 2,846,214 shares, compared to its average volume of 1,832,048. The stock’s 50-day simple moving average is $15.19 and its two-hundred day simple moving average is $13.66. O-I Glass has a one year low of $9.23 and a one year high of $16.91. The stock has a market cap of $2.51 billion, a price-to-earnings ratio of -17.38, a PEG ratio of 0.20 and a beta of 0.78. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wells Fargo & Company raised O-I Glass from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $15.00 to $18.00 in a report on Tuesday, January 6th. Truist Financial upped their price target on shares of O-I Glass from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and lifted their price target for the company from $14.00 to $17.00 in a research report on Monday, November 17th. Zacks Research lowered O-I Glass from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $19.00 price target on shares of O-I Glass in a research report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $17.88.

Institutional Investors Weigh In On O-I Glass

Several institutional investors and hedge funds have recently added to or reduced their stakes in OI. Smartleaf Asset Management LLC lifted its position in shares of O-I Glass by 64.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 918 shares during the period. Amundi boosted its holdings in O-I Glass by 1.4% in the second quarter. Amundi now owns 75,483 shares of the industrial products company’s stock worth $1,175,000 after acquiring an additional 1,031 shares in the last quarter. Osaic Holdings Inc. grew its stake in shares of O-I Glass by 29.7% during the second quarter. Osaic Holdings Inc. now owns 6,779 shares of the industrial products company’s stock worth $100,000 after acquiring an additional 1,554 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of O-I Glass by 1.4% during the second quarter. California State Teachers Retirement System now owns 143,520 shares of the industrial products company’s stock valued at $2,115,000 after buying an additional 1,952 shares during the last quarter. Finally, Headlands Technologies LLC purchased a new stake in O-I Glass in the second quarter valued at $29,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Company Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.