O-I Glass (NYSE:OI) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of O-I Glass (NYSE:OI) from a strong-buy rating to a buy rating in a research note published on Sunday morning.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company boosted their price target on shares of O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research report on Wednesday, October 8th. Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. Truist Financial reduced their target price on O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a report on Monday, October 13th. Finally, Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and lifted their price target for the company from $14.00 to $17.00 in a report on Monday, November 17th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, O-I Glass presently has a consensus rating of “Moderate Buy” and an average price target of $16.67.

O-I Glass Stock Down 0.7%

Shares of O-I Glass stock opened at $14.87 on Friday. O-I Glass has a 12-month low of $9.23 and a 12-month high of $16.04. The firm has a market capitalization of $2.28 billion, a PE ratio of -15.81, a price-to-earnings-growth ratio of 0.23 and a beta of 0.78. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36. The stock’s fifty day moving average is $13.54 and its 200-day moving average is $13.52.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share for the quarter. The business had revenue of $1.59 billion during the quarter. O-I Glass had a positive return on equity of 16.02% and a negative net margin of 2.26%. Equities analysts anticipate that O-I Glass will post 1.33 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of O-I Glass by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock worth $250,959,000 after purchasing an additional 691,989 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in O-I Glass by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 8,232,239 shares of the industrial products company’s stock worth $106,773,000 after buying an additional 170,696 shares during the last quarter. Alliancebernstein L.P. raised its position in O-I Glass by 0.7% during the third quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock valued at $103,718,000 after acquiring an additional 56,945 shares in the last quarter. Highland Peak Capital LLC lifted its stake in O-I Glass by 22.2% in the third quarter. Highland Peak Capital LLC now owns 3,113,780 shares of the industrial products company’s stock valued at $40,386,000 after acquiring an additional 566,703 shares during the last quarter. Finally, Bank of America Corp DE grew its position in O-I Glass by 18.7% in the third quarter. Bank of America Corp DE now owns 2,618,748 shares of the industrial products company’s stock worth $33,965,000 after acquiring an additional 412,497 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

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.