UBS Group Cuts O-I Glass (NYSE:OI) Price Target to $11.00

O-I Glass (NYSE:OI) had its price target decreased by UBS Group from $15.00 to $11.00 in a research note issued to investors on Thursday morning,Benzinga reports. UBS Group currently has a buy rating on the industrial products company’s stock.

Several other research firms have also recently issued reports on OI. Bank of America reiterated an “underperform” rating and set a $11.00 target price on shares of O-I Glass in a research report on Tuesday, July 14th. Royal Bank Of Canada reduced their price target on O-I Glass from $14.00 to $11.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Weiss Ratings upgraded O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating 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 report on Monday, July 13th. Finally, BNP Paribas Exane cut O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price objective for the company. in a research report on Thursday. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.56.

O-I Glass Stock Down 2.5%

Shares of NYSE:OI opened at $7.17 on Thursday. O-I Glass has a fifty-two week low of $7.01 and a fifty-two week high of $16.91. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 8.89. The firm’s 50-day simple moving average is $8.98 and its 200-day simple moving average is $11.05. The company has a market cap of $1.10 billion, a price-to-earnings ratio of -0.95, a PEG ratio of 0.86 and a beta of 0.62.

O-I Glass (NYSE:OI) last posted its quarterly 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). The firm 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 10.40% and a negative net margin of 18.13%.The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 earnings per share. As a group, equities research analysts predict that O-I Glass will post 0.7 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Eduardo Restrepo bought 3,309 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was bought at an average cost of $8.98 per share, with a total value of $29,714.82. Following the completion of the acquisition, the senior vice president owned 94,199 shares in the company, valued at approximately $845,907.02. This represents a 3.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Darrow A. Abrahams bought 2,774 shares of the company’s stock in a transaction on Monday, May 11th. The stock was bought at an average cost of $9.04 per share, with a total value of $25,076.96. Following the completion of the acquisition, the senior vice president owned 235,928 shares of the company’s stock, valued at $2,132,789.12. This represents a 1.19% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have purchased 17,083 shares of company stock worth $157,312. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On O-I Glass

Several hedge funds have recently bought and sold shares of OI. Brandywine Global Investment Management LLC acquired a new position in shares of O-I Glass during the 4th quarter worth $25,064,000. LSV Asset Management grew its stake in O-I Glass by 12.4% in the 4th quarter. LSV Asset Management now owns 1,801,844 shares of the industrial products company’s stock valued at $26,595,000 after acquiring an additional 199,366 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in O-I Glass by 32.1% in 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 acquiring an additional 1,030,705 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its holdings in O-I Glass by 42.1% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,026,525 shares of the industrial products company’s stock valued at $29,912,000 after acquiring an additional 600,462 shares in the last quarter. Finally, MYDA Advisors LLC increased its holdings in O-I Glass by 318.0% during the 4th quarter. MYDA Advisors LLC now owns 292,620 shares of the industrial products company’s stock valued at $4,319,000 after acquiring an additional 222,620 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting O-I Glass

Here are the key news stories impacting O-I Glass this week:

• Positive Sentiment: Analysts remain constructive on O-I Glass’s longer-term valuation. UBS maintained a “buy” rating with an $11 price target, while Truist also kept a “buy” rating with a $10 target—representing substantial potential upside from recent levels. O-I Glass Price Target Lowered to $11.00 at UBS Group
• Positive Sentiment: Zacks cited solid end-market demand and innovation-focused product development as potential growth drivers for the glass-products industry, which could benefit O-I Glass over time. 2 Glass Products Stocks to Watch in a Promising Industry
• Neutral Sentiment: Citigroup lowered its price target from $10 to $8 and moved to a “neutral” rating. Although the revised target still implies upside, the reduction reflects more cautious expectations following the earnings update. Citigroup O-I Glass Price Target Update
• Negative Sentiment: Second-quarter adjusted earnings were $0.09 per share, below the $0.24 consensus estimate and down from $0.53 a year earlier. Revenue of $1.67 billion also slightly missed estimates and fell 2.2% year over year, with weakness in Europe contributing to the shortfall. O-I Glass Shares Sink After Europe Weakness Drives Earnings Miss
• Negative Sentiment: An $873 million goodwill impairment produced a large second-quarter net loss and intensified concerns about the company’s European operations and balance sheet, which already carries high leverage. O-I Glass Is Down After Goodwill Impairment Triggers Large Q2 Net Loss
• Negative Sentiment: O-I Glass cut full-year guidance for the second consecutive quarter, raising worries about execution and near-term cash flow. The guidance reduction has also prompted an investor investigation notice, adding legal and reputational risk. O-I Glass Investigation Notice

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.