O-I Glass (NYSE:OI) Downgraded by Wells Fargo & Company to “Equal Weight”

O-I Glass (NYSE:OI) was downgraded by stock analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Friday, Marketbeat reports. They presently have a $13.00 price objective on the industrial products company’s stock, down from their prior price objective of $18.00. Wells Fargo & Company‘s price objective suggests a potential upside of 25.40% from the company’s previous close.

OI has been the subject of a number of other reports. UBS Group reiterated a “buy” rating and set a $21.00 price target on shares of O-I Glass in a report on Thursday, February 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. Zacks Research lowered shares of O-I Glass from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Robert W. Baird set a $20.00 target price on O-I Glass in a report on Thursday, February 12th. Finally, Wall Street Zen cut O-I Glass from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $17.56.

O-I Glass Price Performance

OI stock opened at $10.37 on Friday. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.77 and a current ratio of 1.25. The firm has a market cap of $1.58 billion, a P/E ratio of -12.34, a P/E/G ratio of 0.49 and a beta of 0.82. The firm’s fifty day moving average is $14.19 and its 200 day moving average is $13.61. O-I Glass has a 52 week low of $9.23 and a 52 week high of $16.91.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The business had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same period in the prior year, the business posted ($0.05) earnings per share. The company’s revenue was down 1.9% on a year-over-year basis. Research analysts predict that O-I Glass will post 1.33 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

Large investors have recently made changes to their positions in the business. Corient Private Wealth LLC raised its stake in O-I Glass by 6.0% during the fourth quarter. Corient Private Wealth LLC now owns 18,694 shares of the industrial products company’s stock valued at $277,000 after buying an additional 1,062 shares during the last quarter. Villanova Investment Management Co LLC increased its holdings in shares of O-I Glass by 14.2% during the fourth quarter. Villanova Investment Management Co LLC now owns 190,329 shares of the industrial products company’s stock valued at $2,809,000 after acquiring an additional 23,716 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of O-I Glass in the 4th quarter worth about $228,000. Invesco Ltd. boosted its stake in O-I Glass by 18.7% in the 4th quarter. Invesco Ltd. now owns 1,269,236 shares of the industrial products company’s stock worth $18,734,000 after purchasing an additional 199,938 shares in the last quarter. Finally, XTX Topco Ltd grew its position in O-I Glass by 22.5% during the 4th quarter. XTX Topco Ltd now owns 24,095 shares of the industrial products company’s stock valued at $356,000 after purchasing an additional 4,425 shares during the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Company Profile

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.