O-I Glass (NYSE:OI) Releases Earnings Results, Misses Expectations By $0.15 EPS

O-I Glass (NYSE:OI) released its earnings results on Tuesday. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.15), Zacks reports. O-I Glass had a positive return on equity of 8.76% and a negative net margin of 18.13%.The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the previous year, the company posted $0.53 EPS. The business’s revenue was down 2.2% on a year-over-year basis.

O-I Glass Stock Performance

OI traded down $0.28 during trading hours on Thursday, reaching $7.42. The company’s stock had a trading volume of 2,259,432 shares, compared to its average volume of 2,654,031. O-I Glass has a 52 week low of $7.19 and a 52 week high of $16.91. The company’s 50-day moving average is $9.05 and its 200-day moving average is $11.13. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.73 and a current ratio of 1.26. The firm has a market cap of $1.14 billion, a PE ratio of -0.99, a price-to-earnings-growth ratio of 1.09 and a beta of 0.62.

Analyst Ratings Changes

Several research analysts have weighed in on OI shares. Bank of America reaffirmed an “underperform” rating and set a $11.00 price target on shares of O-I Glass in a research report on Tuesday, July 14th. Royal Bank Of Canada cut their price objective on O-I Glass from $14.00 to $11.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Zacks Research raised shares of O-I Glass from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Robert W. Baird set a $13.00 target price on shares of O-I Glass in a report on Thursday. Finally, Weiss Ratings raised shares of O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $11.69.

Insiders Place Their Bets

In related news, SVP Eduardo Restrepo purchased 3,309 shares of the stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $8.98 per share, with a total value of $29,714.82. Following the acquisition, the senior vice president directly owned 94,199 shares in the company, valued at $845,907.02. The trade was a 3.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Darrow A. Abrahams acquired 2,774 shares of O-I Glass stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $9.04 per share, with a total value of $25,076.96. Following the acquisition, the senior vice president owned 235,928 shares of the company’s stock, valued at approximately $2,132,789.12. This trade represents a 1.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 17,083 shares of company stock valued at $157,312 over the last ninety days. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OI. Corient Private Wealth LLC lifted its holdings in shares of O-I Glass by 6.0% during the fourth quarter. Corient Private Wealth LLC now owns 18,694 shares of the industrial products company’s stock worth $277,000 after buying an additional 1,062 shares in the last quarter. Virtu Financial LLC bought a new position in O-I Glass during the fourth quarter worth about $228,000. Invesco Ltd. increased its position in O-I Glass by 18.7% during the fourth quarter. Invesco Ltd. now owns 1,269,236 shares of the industrial products company’s stock worth $18,734,000 after acquiring an additional 199,938 shares during the period. XTX Topco Ltd raised its stake in O-I Glass by 22.5% in the 4th quarter. XTX Topco Ltd now owns 24,095 shares of the industrial products company’s stock worth $356,000 after purchasing an additional 4,425 shares in the last quarter. Finally, Voloridge Investment Management LLC acquired a new stake in O-I Glass in the 4th quarter worth about $1,917,000. 97.24% of the stock is owned by institutional investors and hedge funds.

About O-I Glass

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.