O-I Glass (NYSE:OI) Shares Gap Up on Strong Earnings

O-I Glass, Inc. (NYSE:OI) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $11.80, but opened at $13.12. O-I Glass shares last traded at $12.7770, with a volume of 401,383 shares changing hands.

The industrial products company reported $0.36 EPS for the quarter. The business had revenue of $1.59 billion during the quarter. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%.

Analyst Upgrades and Downgrades

OI has been the subject of a number of research reports. Wells Fargo & Company reissued a “mixed” rating on shares of O-I Glass in a research note on Monday, August 4th. Truist Financial cut their target price on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, October 13th. UBS Group reissued a “buy” rating and set a $19.00 target price (up previously from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Bank of America reaffirmed a “neutral” rating and set a $17.00 price objective (up previously from $15.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.56.

Institutional Trading of O-I Glass

Several hedge funds have recently made changes to their positions in OI. Alliancebernstein L.P. grew its stake in shares of O-I Glass by 194.6% in the 2nd quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock valued at $117,033,000 after buying an additional 5,244,440 shares during the period. Bank of America Corp DE lifted its holdings in shares of O-I Glass by 222.6% in the 2nd quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock worth $32,520,000 after acquiring an additional 1,522,384 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in shares of O-I Glass in the 3rd quarter worth approximately $18,496,000. MetLife Investment Management LLC lifted its holdings in shares of O-I Glass by 1,043.3% in the 1st quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company’s stock worth $12,328,000 after acquiring an additional 980,758 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of O-I Glass in the 1st quarter worth approximately $10,738,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Stock Performance

The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -7.79, a price-to-earnings-growth ratio of 0.22 and a beta of 0.93. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The firm’s fifty day moving average price is $12.51 and its 200 day moving average price is $13.26.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.