Royal Bank of Canada Trims O-I Glass (NYSE:OI) Target Price to $21.00

O-I Glass (NYSE:OI) had its target price dropped by analysts at Royal Bank of Canada from $25.00 to $21.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 59.45% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. UBS Group started coverage on shares of O-I Glass in a research note on Tuesday, January 16th. They issued a “buy” rating and a $26.00 price objective on the stock. Barclays lifted their price objective on O-I Glass from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 13th. Truist Financial reissued a “buy” rating and issued a $17.00 target price (down previously from $20.00) on shares of O-I Glass in a research note on Thursday. StockNews.com cut O-I Glass from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. Finally, Bank of America reissued a “neutral” rating and set a $16.00 price objective (down previously from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. One 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. According to data from MarketBeat.com, O-I Glass presently has an average rating of “Hold” and a consensus target price of $19.89.

O-I Glass Trading Up 0.6 %

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

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.09. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter last year, the business earned $1.29 earnings per share. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year. On average, equities analysts predict that O-I Glass will post 1.75 EPS for the current year.

Institutional Trading of O-I Glass

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Covestor Ltd increased its position in shares of O-I Glass by 259.7% in the third quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 1,205 shares during the last quarter. Quadrant Capital Group LLC grew its stake in O-I Glass by 37.3% in the fourth quarter. Quadrant Capital Group LLC now owns 5,168 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 1,404 shares in the last quarter. Comerica Bank increased its position in shares of O-I Glass by 1.8% during the 4th quarter. Comerica Bank now owns 81,833 shares of the industrial products company’s stock worth $1,340,000 after purchasing an additional 1,411 shares during the last quarter. Lumbard & Kellner LLC increased its position in shares of O-I Glass by 1.4% during the 4th quarter. Lumbard & Kellner LLC now owns 125,708 shares of the industrial products company’s stock worth $2,059,000 after purchasing an additional 1,793 shares during the last quarter. Finally, Diversified Trust Co raised its stake in shares of O-I Glass by 4.9% during the 4th quarter. Diversified Trust Co now owns 39,752 shares of the industrial products company’s stock worth $651,000 after purchasing an additional 1,846 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

O-I Glass Company Profile

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.