O-I Glass (NYSE:OI) Shares Up 5.8% – What’s Next?

O-I Glass, Inc. (NYSE:OI)’s stock price traded up 5.8% during mid-day trading on Thursday. The company traded as high as $6.16 and last traded at $6.1150. 2,207,259 shares traded hands during mid-day trading, a decline of 22% from the average session volume of 2,821,998 shares. The stock had previously closed at $5.78.

Wall Street Analyst Weigh In

OI has been the subject of several research reports. BNP Paribas Exane lowered shares of O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price target for the company. in a research report on Thursday, July 30th. Weiss Ratings raised shares of O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, October 2nd. Citigroup upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their target price for the company from $8.00 to $9.00 in a research note on Friday, August 21st. Truist Financial reduced their target price on shares of O-I Glass from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Finally, Bank of America restated an “underperform” rating and set a $11.00 price target on shares of O-I Glass in a research note on Tuesday, July 14th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, O-I Glass has an average rating of “Hold” and a consensus target price of $9.69.

O-I Glass Trading Down 1.5%

The firm’s 50-day moving average price is $6.59 and its 200-day moving average price is $8.43. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 8.89. The company has a market cap of $933.48 million, a P/E ratio of -0.81, a price-to-earnings-growth ratio of 2.79 and a beta of 0.68.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the business posted $0.53 earnings per share. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities research analysts expect that O-I Glass, Inc. will post 0.30 earnings per share for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

Several hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of O-I Glass by 67.2% in the third quarter. GAMMA Investing LLC now owns 8,076 shares of the industrial products company’s stock worth $46,000 after purchasing an additional 3,246 shares during the period. Farther Finance Advisors LLC grew its position in O-I Glass by 69.4% during the third quarter. Farther Finance Advisors LLC now owns 7,336 shares of the industrial products company’s stock worth $41,000 after buying an additional 3,006 shares in the last quarter. Wealth Enhancement Trust Services Inc. raised its holdings in shares of O-I Glass by 57.3% in the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 5,825 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 2,121 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new stake in shares of O-I Glass in the 2nd quarter valued at about $139,000. Finally, IPG Investment Advisors LLC raised its holdings in shares of O-I Glass by 4.7% in the 2nd quarter. IPG Investment Advisors LLC now owns 548,063 shares of the industrial products company’s stock valued at $5,278,000 after acquiring an additional 24,705 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

About O-I Glass

O-I Glass, Inc (NYSE: OI) is a global manufacturer of glass packaging. The company produces glass bottles and jars for food, beverages, beer, wine, spirits, pharmaceuticals and other consumer products, serving brand owners and manufacturers that use glass containers for packaging.

The company operates glass-container manufacturing facilities and provides related design, engineering and packaging services. Its products are used across a range of markets and geographies, including North and South America, Europe and other international markets.