O-I Glass (NYSE:OI) Sets New 52-Week Low – Here’s What Happened

O-I Glass, Inc. (NYSE:OI)’s share price hit a new 52-week low on Wednesday . The stock traded as low as $6.35 and last traded at $6.3650, with a volume of 2481628 shares trading hands. The stock had previously closed at $6.62.

Analyst Ratings Changes

Several research analysts have issued reports on OI shares. Wells Fargo & Company decreased their price target on shares of O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Zacks Research raised O-I Glass from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Truist Financial cut their price objective on O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Robert W. Baird set a $13.00 price objective on shares of O-I Glass in a research note on Thursday, July 30th. Finally, Bank of America reiterated an “underperform” rating and issued a $11.00 target price on shares of O-I Glass in a report on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $10.19.

O-I Glass Trading Down 3.0%

The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 8.89. The firm has a market cap of $980.35 million, a price-to-earnings ratio of -0.85, a PEG ratio of 2.14 and a beta of 0.66. The company has a 50-day moving average price of $8.54 and a 200 day moving average price of $10.18.

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 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 analyst estimates of $1.68 billion. During the same period in the previous year, the firm posted $0.53 earnings per share. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, research analysts anticipate that O-I Glass, Inc. will post 0.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OI. BlackRock Inc. purchased a new position in shares of O-I Glass during the 2nd quarter valued at $225,727,000. Alliancebernstein L.P. raised its holdings in shares of O-I Glass by 194.6% during the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock worth $117,033,000 after acquiring an additional 5,244,440 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of O-I Glass during the second quarter worth $33,436,000. Cooper Creek Partners Management LLC boosted its position in O-I Glass by 73.8% during the first 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 during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in O-I Glass during the fourth quarter valued at $40,090,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

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.