O-I Glass (NYSE:OI) Announces Quarterly Earnings Results, Misses Expectations By $0.08 EPS

O-I Glass (NYSE:OI) released its quarterly earnings results on Tuesday. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08), Briefing.com reports. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the company posted $0.80 earnings per share. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. O-I Glass updated its FY24 guidance to $0.70-0.80 EPS and its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Stock Performance

NYSE:OI opened at $11.11 on Friday. O-I Glass has a 1-year low of $10.08 and a 1-year high of $17.58. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.75. The business has a 50 day moving average of $12.72 and a 200 day moving average of $12.47. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of -4.03 and a beta of 1.17.

Insiders Place Their Bets

In related news, Director John Humphrey acquired 15,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $11.30 per share, with a total value of $169,500.00. Following the completion of the purchase, the director now owns 84,227 shares in the company, valued at $951,765.10. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OI. Barclays decreased their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday. Royal Bank of Canada lowered their price target on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Truist Financial reissued a “buy” rating and issued a $16.00 target price (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Finally, UBS Group dropped their price target on O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.50.

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.