O-I Glass (NYSE:OI) Sets New 1-Year Low – Here’s Why

O-I Glass, Inc. (NYSE:OI) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $6.71 and last traded at $6.73, with a volume of 3040802 shares changing hands. The stock had previously closed at $7.15.

Analysts Set New Price Targets

A number of analysts have commented on OI shares. Bank of America reaffirmed an “underperform” rating and set a $11.00 target price on shares of O-I Glass in a report on Tuesday, July 14th. Robert W. Baird set a $13.00 target price on shares of O-I Glass in a research note on Thursday, July 30th. Royal Bank Of Canada cut O-I Glass from an “outperform” rating to a “sector perform” rating and set a $8.00 price objective on the stock. in a report on Thursday. Truist Financial lowered their price target on shares of O-I Glass from $13.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Finally, Zacks Research raised O-I Glass from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.19.

O-I Glass Price Performance

The company has a debt-to-equity ratio of 8.89, a quick ratio of 0.77 and a current ratio of 1.26. The company has a market capitalization of $1.03 billion, a P/E ratio of -0.89, a P/E/G ratio of 1.40 and a beta of 0.66. The firm’s fifty day moving average is $8.74 and its 200 day moving average is $10.55.

O-I Glass (NYSE:OI) last announced 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 negative net margin of 18.13% and a positive return on equity of 10.40%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter last year, the firm earned $0.53 EPS. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, analysts predict that O-I Glass, Inc. will post 0.7 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

A number of large investors have recently made changes to their positions in OI. BlackRock Inc. purchased a new stake in shares of O-I Glass in the second quarter valued at approximately $225,727,000. Dimensional Fund Advisors LP increased its holdings in O-I Glass by 8.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,238,635 shares of the industrial products company’s stock worth $97,094,000 after purchasing an additional 729,191 shares during the period. Alliancebernstein L.P. increased its holdings in O-I Glass by 0.7% during the 3rd quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock worth $103,718,000 after purchasing an additional 56,945 shares during the period. Cooper Creek Partners Management LLC raised its position in O-I Glass by 73.8% during the 1st quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company’s stock valued at $73,636,000 after purchasing an additional 2,975,181 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in O-I Glass by 32.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,246,337 shares of the industrial products company’s stock valued at $44,629,000 after purchasing an additional 1,030,705 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.