O-I Glass (NYSE:OI) Stock Rating Lowered by StockNews.com

O-I Glass (NYSE:OI) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Thursday.

Other equities analysts have also issued research reports about the stock. Barclays increased their target price on shares of O-I Glass from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, February 13th. TheStreet downgraded O-I Glass from a “b-” rating to a “c-” rating in a report on Tuesday, February 6th. Citigroup cut O-I Glass from a “buy” rating to a “neutral” rating and increased their target price for the company from $17.00 to $18.00 in a report on Wednesday, January 3rd. Truist Financial reaffirmed a “buy” rating and issued a $17.00 price target (down from $20.00) on shares of O-I Glass in a research note on Thursday. Finally, UBS Group began coverage on O-I Glass in a research note on Tuesday, January 16th. They set a “buy” rating and a $26.00 price objective for the company. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $19.89.

O-I Glass Price Performance

NYSE:OI traded up $0.08 during midday trading on Thursday, hitting $13.17. The company had a trading volume of 1,483,504 shares, compared to its average volume of 1,925,177. The company has a market capitalization of $2.05 billion, a PE ratio of -8.28, a P/E/G ratio of 1.22 and a beta of 1.36. The company has a quick ratio of 0.77, a current ratio of 1.02 and a debt-to-equity ratio of 2.26. O-I Glass has a 52-week low of $12.40 and a 52-week high of $23.57. The stock’s fifty day moving average price is $15.71 and its 200-day moving average price is $15.54.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.36 by $0.09. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.69 billion. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. The company’s revenue was down 13.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.29 EPS. As a group, research analysts expect that O-I Glass will post 1.75 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

A number of institutional investors have recently bought and sold shares of OI. Van ECK Associates Corp grew its position in shares of O-I Glass by 414.2% in the 3rd quarter. Van ECK Associates Corp now owns 129,826 shares of the industrial products company’s stock worth $2,172,000 after buying an additional 104,576 shares during the period. Levin Capital Strategies L.P. grew its holdings in O-I Glass by 55.0% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,691,765 shares of the industrial products company’s stock worth $27,711,000 after purchasing an additional 600,239 shares during the period. Hussman Strategic Advisors Inc. bought a new position in shares of O-I Glass during the third quarter valued at approximately $1,757,000. New York State Common Retirement Fund lifted its holdings in shares of O-I Glass by 14.4% during the third quarter. New York State Common Retirement Fund now owns 523,860 shares of the industrial products company’s stock valued at $8,764,000 after purchasing an additional 65,835 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of O-I Glass by 7.8% in the 3rd quarter. American Century Companies Inc. now owns 1,672,400 shares of the industrial products company’s stock worth $27,979,000 after purchasing an additional 121,495 shares in the last quarter. 97.24% of the stock is owned by institutional investors.

About O-I Glass

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.