Zacks Research Downgrades O-I Glass (NYSE:OI) to Strong Sell

O-I Glass (NYSE:OI) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently issued reports on OI. UBS Group restated a “buy” rating and issued a $21.00 price target on shares of O-I Glass in a research report on Thursday, February 12th. Royal Bank Of Canada lowered their target price on shares of O-I Glass from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Thursday, February 26th. Wells Fargo & Company raised shares of O-I Glass from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $15.00 to $18.00 in a research report on Tuesday, January 6th. Citigroup lowered their price objective on O-I Glass from $17.00 to $16.00 and set a “neutral” rating for the company in a research report on Thursday, February 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.11.

O-I Glass Stock Performance

Shares of O-I Glass stock opened at $12.42 on Tuesday. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -14.79, a P/E/G ratio of 0.58 and a beta of 0.82. O-I Glass has a twelve month low of $9.23 and a twelve month high of $16.91. The company’s fifty day moving average is $15.09 and its 200 day moving average is $13.77. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 3.35.

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

Institutional Investors Weigh In On O-I Glass

A number of hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in O-I Glass by 1.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 37,828 shares of the industrial products company’s stock valued at $558,000 after purchasing an additional 701 shares during the last quarter. Barclays PLC raised its position in O-I Glass by 0.3% in the 4th quarter. Barclays PLC now owns 246,766 shares of the industrial products company’s stock valued at $3,642,000 after buying an additional 755 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in O-I Glass by 87.6% during the 4th quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 830 shares in the last quarter. Teacher Retirement System of Texas boosted its holdings in O-I Glass by 3.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 23,495 shares of the industrial products company’s stock worth $346,000 after acquiring an additional 879 shares during the last quarter. Finally, ProShare Advisors LLC grew its holdings in shares of O-I Glass by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 29,887 shares of the industrial products company’s stock valued at $441,000 after acquiring an additional 911 shares in the last quarter. Institutional investors and hedge funds 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.