O-I Glass (NYSE:OI) Earns “Neutral” Rating from Bank of America

Bank of America reiterated their neutral rating on shares of O-I Glass (NYSE:OI) in a research note released on Friday, Marketbeat reports. They currently have a $16.00 target price on the industrial products company’s stock, down from their previous target price of $21.00.

Other equities research analysts have also issued reports about the company. UBS Group began coverage on O-I Glass in a research note on Tuesday, January 16th. They set a buy rating and a $26.00 price objective for the company. Truist Financial reiterated a buy rating and set a $20.00 price objective on shares of O-I Glass in a research note on Monday, March 25th. Barclays boosted their target price on O-I Glass from $16.00 to $18.00 and gave the stock an equal weight rating in a report on Tuesday, February 13th. Citigroup cut O-I Glass from a buy rating to a neutral rating and boosted their target price for the stock from $17.00 to $18.00 in a report on Wednesday, January 3rd. Finally, StockNews.com cut O-I Glass from a buy rating to a hold rating in a report on Thursday, February 15th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, O-I Glass currently has a consensus rating of Hold and a consensus target price of $22.67.

O-I Glass Price Performance

Shares of O-I Glass stock opened at $14.81 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 2.69. O-I Glass has a twelve month low of $13.56 and a twelve month high of $23.57. The business has a 50-day moving average price of $16.16 and a 200 day moving average price of $15.64. The firm has a market cap of $2.31 billion, a PE ratio of -19.75, a P/E/G ratio of 1.02 and a beta of 1.35.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.03 by $0.09. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same period in the previous year, the business earned $0.38 EPS. O-I Glass’s quarterly revenue was down 3.1% on a year-over-year basis. Sell-side analysts predict that O-I Glass will post 2.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in O-I Glass by 12.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock valued at $108,358,000 after acquiring an additional 728,493 shares during the last quarter. Cooper Creek Partners Management LLC boosted its position in shares of O-I Glass by 39.6% during the third quarter. Cooper Creek Partners Management LLC now owns 2,200,187 shares of the industrial products company’s stock worth $36,809,000 after buying an additional 623,705 shares during the period. Luminus Management LLC boosted its position in shares of O-I Glass by 69.4% during the third quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company’s stock worth $35,814,000 after buying an additional 877,172 shares during the period. Private Management Group Inc. boosted its position in shares of O-I Glass by 0.7% during the fourth quarter. Private Management Group Inc. now owns 2,051,886 shares of the industrial products company’s stock worth $33,610,000 after buying an additional 14,018 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of O-I Glass by 132.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company’s stock worth $32,807,000 after buying an additional 1,141,680 shares during the period. 97.24% of the stock is currently owned by institutional investors and hedge funds.

O-I Glass Company Profile

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.