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

Shares of O-I Glass, Inc. (NYSE:OI) hit a new 52-week low during trading on Monday. The stock traded as low as $5.65 and last traded at $5.7170, with a volume of 169734 shares changing hands. The stock had previously closed at $5.86.

Wall Street Analyst Weigh In

Several equities analysts have commented on OI shares. Zacks Research upgraded shares of O-I Glass from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. UBS Group reduced their price objective on O-I Glass from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. Royal Bank Of Canada lowered O-I Glass from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $10.00 to $8.00 in a report on Thursday, August 13th. Robert W. Baird set a $13.00 target price on O-I Glass in a research note on Thursday, July 30th. Finally, Wells Fargo & Company cut their price target on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.31.

O-I Glass Price Performance

The firm has a market capitalization of $888.92 million, a price-to-earnings ratio of -0.77, a price-to-earnings-growth ratio of 2.08 and a beta of 0.66. The stock’s fifty day moving average price is $7.14 and its two-hundred day moving average price is $8.76. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 8.89.

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 analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the business earned $0.53 earnings per share. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. Equities research analysts expect that O-I Glass, Inc. will post 0.39 EPS for the current year.

Institutional Investors Weigh In On O-I Glass

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE purchased a new position in shares of O-I Glass during the second quarter worth about $33,436,000. Brandywine Global Investment Management LLC acquired a new stake in shares of O-I Glass during the fourth quarter worth $25,064,000. BlackRock Inc. purchased a new stake in shares of O-I Glass in the second quarter valued at about $225,727,000. JB Capital Partners LP purchased a new stake in O-I Glass in the 2nd quarter valued at approximately $2,937,150. Finally, Bank of New York Mellon Corp purchased a new stake in shares of O-I Glass in the second quarter valued at approximately $10,046,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

About O-I Glass

O-I Glass, Inc (NYSE: OI) is a global manufacturer of glass packaging. The company produces bottles and jars primarily for the food, beverage, beer, wine, spirits, and nonalcoholic beverage industries, as well as containers for certain pharmaceutical and other consumer products.

O-I Glass provides packaging solutions that include container design, lightweighting, glass decoration, and related technical services. Its products are made from glass, a material that can be recycled repeatedly without loss of quality, supporting the company’s focus on recyclable and more sustainable packaging.

The company traces its history to the Owens Bottle Company, founded in 1903, and later became known as Owens-Illinois before adopting the O-I Glass name.