O-I Glass (NYSE:OI) Sets New 1-Year High – Still a Buy?

O-I Glass, Inc. (NYSE:OI)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $16.09 and last traded at $15.91, with a volume of 398515 shares traded. The stock had previously closed at $15.60.

Analysts Set New Price Targets

A number of brokerages have commented on OI. Royal Bank Of Canada reiterated an “outperform” rating and issued a $19.00 target price on shares of O-I Glass in a report on Thursday, January 15th. Wall Street Zen lowered O-I Glass from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. Truist Financial upped their target price on shares of O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Finally, Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $14.00 to $17.00 in a research note on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, O-I Glass currently has a consensus rating of “Moderate Buy” and an average price target of $17.88.

O-I Glass Stock Up 0.4%

The firm has a fifty day moving average price of $14.89 and a 200 day moving average price of $13.60. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.84 and a current ratio of 1.33. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -16.67, a PEG ratio of 0.19 and a beta of 0.78.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, November 4th. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.04. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.66 billion. O-I Glass had a positive return on equity of 16.02% and a negative net margin of 2.26%.The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.04) EPS. As a group, sell-side analysts expect that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

Institutional Trading of O-I Glass

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in 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 during the period. Dimensional Fund Advisors LP increased its stake in O-I Glass by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 8,232,239 shares of the industrial products company’s stock valued at $106,773,000 after purchasing an additional 170,696 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of O-I Glass by 0.7% in the 3rd quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock worth $103,718,000 after purchasing an additional 56,945 shares during the last quarter. Highland Peak Capital LLC increased its position in O-I Glass by 22.2% in the 3rd 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 period. Finally, Bank of America Corp DE raised its stake in shares of O-I Glass by 18.7% during the third quarter. Bank of America Corp DE now owns 2,618,748 shares of the industrial products company’s stock valued at $33,965,000 after purchasing an additional 412,497 shares in the last quarter. 97.24% of the stock is currently 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.