StockNews.com Upgrades O-I Glass (NYSE:OI) to Hold

O-I Glass (NYSE:OI) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report released on Tuesday.

OI has been the topic of several other reports. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and increased their target price for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Wells Fargo & Company lowered their price objective on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Truist Financial restated a “buy” rating and issued a $16.00 price target (down from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Barclays decreased their price objective on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, UBS Group decreased their price target on O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Price Performance

OI traded down $0.37 during trading hours on Tuesday, hitting $13.00. The company’s stock had a trading volume of 1,455,141 shares, compared to its average volume of 1,699,996. O-I Glass has a 12 month low of $10.08 and a 12 month high of $17.58. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 3.18. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -4.71 and a beta of 1.20. The business’s 50-day moving average price is $12.64 and its 200-day moving average price is $12.28.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. The business’s revenue was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.80 earnings per share. Sell-side analysts expect that O-I Glass will post 0.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

A number of institutional investors have recently modified their holdings of OI. Harbor Capital Advisors Inc. acquired a new position in shares of O-I Glass during the third quarter worth approximately $27,000. Newbridge Financial Services Group Inc. grew its stake in O-I Glass by 1,337.5% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock worth $32,000 after buying an additional 2,675 shares during the last quarter. GAMMA Investing LLC raised its position in O-I Glass by 371.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 1,892 shares during the last quarter. Headlands Technologies LLC acquired a new stake in O-I Glass in the 1st quarter valued at about $39,000. Finally, Nisa Investment Advisors LLC lifted its holdings in O-I Glass by 28.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after buying an additional 1,136 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

About O-I Glass

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.