O-I Glass (NYSE:OI) Downgraded by Wells Fargo & Company to Equal Weight

Wells Fargo & Company lowered shares of O-I Glass (NYSE:OI) from an overweight rating to an equal weight rating in a report issued on Friday, Marketbeat Ratings reports. Wells Fargo & Company currently has $13.00 price target on the industrial products company’s stock, down from their prior price target of $18.00.

A number of other equities analysts have also weighed in on OI. Robert W. Baird set a $20.00 price objective on O-I Glass in a research note on Thursday, February 12th. Wall Street Zen downgraded O-I Glass from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Royal Bank Of Canada dropped their target price on O-I Glass from $19.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, February 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research report on Thursday, January 22nd. Finally, Truist Financial upped their price objective on O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.56.

O-I Glass Stock Down 4.9%

OI stock opened at $9.85 on Friday. The company has a market capitalization of $1.50 billion, a P/E ratio of -11.72, a price-to-earnings-growth ratio of 0.67 and a beta of 0.82. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.91. The firm’s fifty day simple moving average is $14.08 and its 200-day simple moving average is $13.59. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.25 and a quick ratio of 0.77.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.52 billion. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The firm’s revenue was down 1.9% compared to the same quarter last year. During the same quarter last year, the company posted ($0.05) earnings per share. As a group, equities research analysts forecast that O-I Glass will post 1.33 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. purchased a new position in shares of O-I Glass in the third quarter valued at approximately $1,526,000. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in shares of O-I Glass in the third quarter worth about $18,496,000. Castleark Management LLC acquired a new stake in O-I Glass in the 2nd quarter valued at about $4,942,000. Knights of Columbus Asset Advisors LLC boosted its holdings in shares of O-I Glass by 91.6% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 172,773 shares of the industrial products company’s stock worth $2,241,000 after purchasing an additional 82,619 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of O-I Glass in the third quarter valued at approximately $908,000. Institutional investors and hedge funds 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.