O-I Glass (NYSE:OI) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of O-I Glass (NYSE:OI) from a buy rating to a hold rating in a research note published on Saturday morning.

Several other research analysts have also recently issued reports on the company. Royal Bank Of Canada dropped their price objective on O-I Glass from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, February 26th. Truist Financial boosted their price objective on shares of O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Zacks Research cut O-I Glass from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $17.00 in a report on Monday, November 17th. Finally, Robert W. Baird set a $20.00 target price on O-I Glass in a report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average target price of $18.11.

O-I Glass Stock Performance

OI opened at $13.43 on Friday. O-I Glass has a 1-year low of $9.23 and a 1-year high of $16.91. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.25 and a quick ratio of 0.77. The firm has a market cap of $2.05 billion, a P/E ratio of -15.99, a PEG ratio of 0.62 and a beta of 0.82. The company has a 50 day simple moving average of $15.18 and a two-hundred day simple moving average of $13.79.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the prior year, the business earned ($0.05) earnings per share. O-I Glass’s revenue for the quarter was down 1.9% on a year-over-year basis. Equities analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of O-I Glass by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock valued at $250,959,000 after purchasing an additional 691,989 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in O-I Glass by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,509,444 shares of the industrial products company’s stock valued at $125,600,000 after purchasing an additional 277,205 shares during the period. Alliancebernstein L.P. increased its position in shares of O-I Glass by 0.7% in the third quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock valued at $103,718,000 after buying an additional 56,945 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of O-I Glass by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 3,783,387 shares of the industrial products company’s stock worth $55,852,000 after buying an additional 22,430 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of O-I Glass by 288.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,215,632 shares of the industrial products company’s stock valued at $47,463,000 after buying an additional 2,388,299 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.