O-I Glass (NYSE:OI) Stock Price Expected to Rise, Truist Financial Analyst Says

O-I Glass (NYSE:OI) had its target price increased by Truist Financial from $17.00 to $21.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s price target indicates a potential upside of 33.38% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Wall Street Zen lowered shares of O-I Glass from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a report on Wednesday, October 8th. Citigroup reiterated a “neutral” rating on shares of O-I Glass in a report on Tuesday. Wells Fargo & Company raised shares of O-I Glass from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $15.00 to $18.00 in a research note on Tuesday. Finally, Zacks Research upgraded O-I Glass from a “hold” rating to a “strong-buy” rating in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, O-I Glass has a consensus rating of “Moderate Buy” and an average price target of $17.44.

O-I Glass Trading Up 3.2%

Shares of OI opened at $15.75 on Tuesday. O-I Glass has a 12-month low of $9.23 and a 12-month high of $16.04. The firm has a 50-day moving average price of $13.75 and a 200 day moving average price of $13.55. The company has a current ratio of 1.33, a quick ratio of 0.84 and a debt-to-equity ratio of 3.36. The firm has a market capitalization of $2.42 billion, a P/E ratio of -16.79, a P/E/G ratio of 0.20 and a beta of 0.77.

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

Institutional Investors Weigh In On O-I Glass

Institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd acquired a new stake in O-I Glass in the 1st quarter valued at about $658,000. Knights of Columbus Asset Advisors LLC bought a new position in shares of O-I Glass in the 2nd quarter worth about $1,329,000. Strs Ohio bought a new position in O-I Glass in the first quarter worth approximately $747,000. Wealth Enhancement Advisory Services LLC increased its position in shares of O-I Glass by 18.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 19,493 shares of the industrial products company’s stock valued at $305,000 after purchasing an additional 3,049 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of O-I Glass by 123.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,145,980 shares of the industrial products company’s stock worth $16,892,000 after buying an additional 633,875 shares during the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.