O-I Glass (NYSE:OI) Price Target Cut to $8.00 by Analysts at Citigroup

O-I Glass (NYSE:OI) had its price objective decreased by Citigroup from $10.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. Citigroup currently has a neutral rating on the industrial products company’s stock.

OI has been the topic of several other research reports. Truist Financial lowered their target price on shares of O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday. Robert W. Baird set a $13.00 price target on shares of O-I Glass in a report on Thursday. BNP Paribas Exane lowered shares of O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price target on the stock. in a research report on Thursday. UBS Group decreased their price objective on shares of O-I Glass from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Wells Fargo & Company dropped their price objective on shares of O-I Glass from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Four investment 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’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.56.

O-I Glass Stock Performance

Shares of NYSE:OI opened at $7.17 on Friday. The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.73. The business’s fifty day moving average price is $8.98 and its two-hundred day moving average price is $11.05. O-I Glass has a fifty-two week low of $7.01 and a fifty-two week high of $16.91. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -0.95, a price-to-earnings-growth ratio of 0.89 and a beta of 0.62.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.15). The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 earnings per share. As a group, analysts predict that O-I Glass will post 1.14 EPS for the current fiscal year.

Insider Transactions at O-I Glass

In other O-I Glass news, SVP Darrow A. Abrahams purchased 2,774 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was acquired at an average cost of $9.04 per share, with a total value of $25,076.96. Following the completion of the acquisition, the senior vice president directly owned 235,928 shares of the company’s stock, valued at $2,132,789.12. This represents a 1.19% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Randolph L. Burns purchased 11,000 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was acquired at an average cost of $9.32 per share, with a total value of $102,520.00. Following the completion of the acquisition, the senior vice president directly owned 133,932 shares of the company’s stock, valued at $1,248,246.24. The trade was a 8.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 17,083 shares of company stock worth $157,312. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its holdings in O-I Glass by 1.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 37,828 shares of the industrial products company’s stock worth $558,000 after acquiring an additional 701 shares during the last quarter. Barclays PLC raised its stake in shares of O-I Glass by 0.3% in the fourth quarter. Barclays PLC now owns 246,766 shares of the industrial products company’s stock worth $3,642,000 after acquiring an additional 755 shares during the last quarter. Farther Finance Advisors LLC raised its stake in shares of O-I Glass by 87.6% in the fourth quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 830 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of O-I Glass by 3.1% during the fourth quarter. ProShare Advisors LLC now owns 29,887 shares of the industrial products company’s stock worth $441,000 after purchasing an additional 911 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of O-I Glass by 64.1% during the second 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 in the last quarter. Institutional investors own 97.24% of the company’s stock.

O-I Glass News Summary

Here are the key news stories impacting O-I Glass this week:

• Positive Sentiment: Analysts remain constructive on O-I Glass’s longer-term valuation. UBS maintained a “buy” rating with an $11 price target, while Truist also kept a “buy” rating with a $10 target—representing substantial potential upside from recent levels. O-I Glass Price Target Lowered to $11.00 at UBS Group
• Positive Sentiment: Zacks cited solid end-market demand and innovation-focused product development as potential growth drivers for the glass-products industry, which could benefit O-I Glass over time. 2 Glass Products Stocks to Watch in a Promising Industry
• Neutral Sentiment: Citigroup lowered its price target from $10 to $8 and moved to a “neutral” rating. Although the revised target still implies upside, the reduction reflects more cautious expectations following the earnings update. Citigroup O-I Glass Price Target Update
• Negative Sentiment: Second-quarter adjusted earnings were $0.09 per share, below the $0.24 consensus estimate and down from $0.53 a year earlier. Revenue of $1.67 billion also slightly missed estimates and fell 2.2% year over year, with weakness in Europe contributing to the shortfall. O-I Glass Shares Sink After Europe Weakness Drives Earnings Miss
• Negative Sentiment: An $873 million goodwill impairment produced a large second-quarter net loss and intensified concerns about the company’s European operations and balance sheet, which already carries high leverage. O-I Glass Is Down After Goodwill Impairment Triggers Large Q2 Net Loss
• Negative Sentiment: O-I Glass cut full-year guidance for the second consecutive quarter, raising worries about execution and near-term cash flow. The guidance reduction has also prompted an investor investigation notice, adding legal and reputational risk. O-I Glass Investigation Notice

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.