O-I Glass (NYSE:OI) Sets New 52-Week Low – Here’s Why

O-I Glass, Inc. (NYSE:OI) shares reached a new 52-week low on Friday . The stock traded as low as $7.01 and last traded at $7.0390, with a volume of 2869648 shares traded. The stock had previously closed at $7.10.

Analyst Ratings Changes

A number of analysts recently commented on the stock. 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. Weiss Ratings downgraded O-I Glass from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, July 30th. Truist Financial cut their price target on O-I Glass from $13.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Royal Bank Of Canada decreased their price objective on O-I Glass from $14.00 to $11.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, UBS Group dropped their price objective on O-I Glass from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $10.56.

O-I Glass Trading Down 0.9%

The firm’s 50 day moving average is $8.85 and its 200 day moving average is $10.78. The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.77. The company has a market cap of $1.08 billion, a PE ratio of -0.94, a PEG ratio of 1.46 and a beta of 0.66.

O-I Glass (NYSE:OI) last posted its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (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 firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the company earned $0.53 earnings per share. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities analysts anticipate that O-I Glass, Inc. will post 0.7 earnings per share for the current year.

Insider Buying and Selling at O-I Glass

In other O-I Glass news, SVP Darrow A. Abrahams acquired 2,774 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $9.04 per share, with a total value of $25,076.96. Following the completion of the purchase, the senior vice president owned 235,928 shares of the company’s stock, valued at approximately $2,132,789.12. This represents a 1.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Eduardo Restrepo bought 3,309 shares of O-I Glass stock in a transaction that occurred on Thursday, May 14th. The shares were acquired at an average price of $8.98 per share, with a total value of $29,714.82. Following the completion of the transaction, the senior vice president owned 94,199 shares of the company’s stock, valued at $845,907.02. This represents a 3.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of O-I Glass

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of O-I Glass in the second quarter worth approximately $225,727,000. Alliancebernstein L.P. lifted its position in O-I Glass by 194.6% during the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock valued at $117,033,000 after purchasing an additional 5,244,440 shares during the last quarter. Cooper Creek Partners Management LLC grew its stake in O-I Glass by 73.8% in the 1st quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company’s stock worth $73,636,000 after buying an additional 2,975,181 shares in the last quarter. Wellington Management Group LLP purchased a new position in O-I Glass in the 4th quarter worth approximately $40,090,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in O-I Glass by 288.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,215,632 shares of the industrial products company’s stock worth $47,463,000 after buying an additional 2,388,299 shares in the last quarter. Hedge funds and other institutional investors 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.