O-I Glass (NYSE:OI) Given New $18.00 Price Target at Royal Bank of Canada

O-I Glass (NYSE:OI) had its target price reduced by Royal Bank of Canada from $20.00 to $18.00 in a research report report published on Monday morning, Benzinga reports. They currently have an outperform rating on the industrial products company’s stock.

A number of other equities analysts have also weighed in on the stock. Bank of America restated a neutral rating and set a $16.00 price target (down from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. UBS Group lowered their target price on O-I Glass from $26.00 to $18.00 and set a buy rating on the stock in a report on Wednesday, July 17th. Truist Financial reissued a buy rating and set a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Wells Fargo & Company cut their target price on O-I Glass from $19.00 to $18.00 and set an overweight rating for the company in a research note on Wednesday, July 17th. Finally, Citigroup lowered their price target on shares of O-I Glass from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Monday, July 8th. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $16.89.

O-I Glass Stock Performance

NYSE OI traded down $0.01 during mid-day trading on Monday, reaching $11.28. 1,650,731 shares of the stock were exchanged, compared to its average volume of 1,798,983. The company has a market capitalization of $1.75 billion, a P/E ratio of -7.13, a P/E/G ratio of 1.27 and a beta of 1.24. The business’s 50 day moving average is $11.55 and its 200-day moving average is $13.97. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.56 and a current ratio of 1.26. O-I Glass has a 1 year low of $10.08 and a 1 year high of $20.31.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, equities research analysts forecast that O-I Glass will post 1.6 EPS for the current fiscal year.

Institutional Trading of O-I Glass

Hedge funds have recently made changes to their positions in the business. Bessemer Group Inc. boosted its stake in shares of O-I Glass by 40.2% in the 1st quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company’s stock valued at $76,000 after buying an additional 1,318 shares during the period. Quadrant Capital Group LLC grew its holdings in O-I Glass by 37.3% during the 4th quarter. Quadrant Capital Group LLC now owns 5,168 shares of the industrial products company’s stock worth $85,000 after acquiring an additional 1,404 shares in the last quarter. Comerica Bank increased its position in shares of O-I Glass by 1.8% in the 4th quarter. Comerica Bank now owns 81,833 shares of the industrial products company’s stock valued at $1,340,000 after purchasing an additional 1,411 shares during the last quarter. Texas Permanent School Fund Corp raised its holdings in shares of O-I Glass by 1.1% in the 1st quarter. Texas Permanent School Fund Corp now owns 135,154 shares of the industrial products company’s stock valued at $2,242,000 after purchasing an additional 1,465 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of O-I Glass by 8.7% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,281 shares of the industrial products company’s stock worth $357,000 after purchasing an additional 1,695 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

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.