O-I Glass (NYSE:OI) Issues Earnings Results

O-I Glass (NYSE:OI) announced its quarterly earnings results on Tuesday. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.07), Briefing.com reports. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the firm posted $0.80 EPS. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. 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 Trading Down 4.1 %

NYSE:OI traded down $0.51 during midday trading on Wednesday, hitting $11.93. The stock had a trading volume of 1,983,396 shares, compared to its average volume of 1,682,975. The stock has a 50-day moving average of $12.73 and a 200 day moving average of $12.48. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of -7.35 and a beta of 1.17. O-I Glass has a one year low of $10.08 and a one year high of $17.58. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Robert W. Baird reduced their target price on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. UBS Group decreased their price target 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. Finally, Royal Bank of Canada dropped their price objective on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.63.

Insider Buying and Selling at O-I Glass

In other news, Director John Humphrey purchased 15,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $11.30 per share, with a total value of $169,500.00. Following the transaction, the director now owns 84,227 shares of the company’s stock, valued at $951,765.10. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.49% of the stock is currently owned by corporate insiders.

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.