O-I Glass (NYSE:OI) Downgraded to “Hold” Rating by Zacks Research

O-I Glass (NYSE:OI) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Monday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Truist Financial increased their price target on shares of O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Wells Fargo & Company upgraded shares of O-I Glass from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $15.00 to $18.00 in a research note on Tuesday, January 6th. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $14.00 to $17.00 in a research report on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a report on Thursday, January 22nd. Finally, Citigroup boosted their price target on O-I Glass from $14.00 to $17.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $17.88.

O-I Glass Stock Performance

OI opened at $15.73 on Monday. O-I Glass has a twelve month low of $9.23 and a twelve month high of $16.09. The firm has a market capitalization of $2.42 billion, a PE ratio of -16.73, a PEG ratio of 0.19 and a beta of 0.78. The firm’s 50-day moving average price is $14.94 and its 200 day moving average price is $13.61. The company has a current ratio of 1.33, a quick ratio of 0.84 and a debt-to-equity ratio of 3.36.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, November 4th. The industrial products company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.04. The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.66 billion. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. The company’s revenue was down 1.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.04) EPS. As a group, sell-side analysts expect that O-I Glass will post 1.33 EPS for the current fiscal year.

Institutional Trading of O-I Glass

Several large investors have recently modified their holdings of OI. Farther Finance Advisors LLC boosted its holdings in O-I Glass by 87.6% in the fourth quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 830 shares during the period. Headlands Technologies LLC acquired a new position in shares of O-I Glass during the 2nd quarter valued at $29,000. Smartleaf Asset Management LLC boosted its position in shares of O-I Glass by 64.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 918 shares in the last quarter. State of Wyoming bought a new stake in O-I Glass during the second quarter worth approximately $35,000. Finally, First Horizon Corp boosted its stake in shares of O-I Glass by 2,125.5% during the 4th quarter. First Horizon Corp now owns 3,227 shares of the industrial products company’s stock worth $48,000 after acquiring an additional 3,082 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

About O-I Glass

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.