O-I Glass (NYSE:OI) Hits New 1-Year Low After Earnings Miss

O-I Glass, Inc. (NYSE:OI) hit a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $7.67 and last traded at $7.6930, with a volume of 99249 shares traded. The stock had previously closed at $9.06.

The industrial products company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.15). The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. O-I Glass had a positive return on equity of 13.65% and a negative net margin of 2.91%.O-I Glass’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 EPS.

Analyst Ratings Changes

OI has been the subject of several research analyst reports. Truist Financial decreased their price objective on shares of O-I Glass from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Zacks Research raised O-I Glass from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Royal Bank Of Canada dropped their price target 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. UBS Group cut their price target on O-I Glass from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, April 10th. Finally, Citigroup reduced their price objective on O-I Glass from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, O-I Glass currently has a consensus rating of “Hold” and an average price target of $13.57.

Insider Activity

In other O-I Glass news, SVP Randolph L. Burns bought 11,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was acquired at an average price of $9.32 per share, for a total transaction of $102,520.00. Following the completion of the purchase, the senior vice president owned 133,932 shares of the company’s stock, valued at approximately $1,248,246.24. This represents a 8.95% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Eduardo Restrepo purchased 3,309 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were bought at an average cost of $8.98 per share, for a total transaction of $29,714.82. Following the acquisition, the senior vice president owned 94,199 shares of the company’s stock, valued at approximately $845,907.02. The trade was a 3.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 17,083 shares of company stock valued at $157,312. Insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On O-I Glass

Several large investors have recently modified their holdings of OI. Assenagon Asset Management S.A. raised its holdings in O-I Glass by 596.0% during the second quarter. Assenagon Asset Management S.A. now owns 134,542 shares of the industrial products company’s stock worth $1,296,000 after purchasing an additional 115,211 shares in the last quarter. Moody National Bank Trust Division boosted its holdings in O-I Glass by 40.0% in the 2nd quarter. Moody National Bank Trust Division now owns 148,686 shares of the industrial products company’s stock valued at $1,432,000 after purchasing an additional 42,493 shares in the last quarter. Empowered Funds LLC boosted its holdings in O-I Glass by 3.9% in the 1st quarter. Empowered Funds LLC now owns 726,791 shares of the industrial products company’s stock valued at $7,639,000 after purchasing an additional 27,468 shares in the last quarter. Optiver Holding B.V. increased its position in O-I Glass by 491.5% during the 1st quarter. Optiver Holding B.V. now owns 2,496 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 2,074 shares during the period. Finally, Converium Capital Inc. acquired a new position in O-I Glass during the 1st quarter worth approximately $2,365,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Trading Down 18.8%

The firm has a market capitalization of $1.13 billion, a PE ratio of -6.31, a P/E/G ratio of 1.11 and a beta of 0.62. The business has a 50 day moving average price of $9.07 and a 200-day moving average price of $11.19. The company has a current ratio of 1.26, a quick ratio of 0.73 and a debt-to-equity ratio of 3.35.

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.