O-I Glass (NYSE:OI) Updates FY 2024 Earnings Guidance

O-I Glass (NYSE:OI) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus estimate of 1.130. The company issued revenue guidance of -. O-I Glass also updated its FY24 guidance to $0.70-0.80 EPS.

O-I Glass Stock Performance

NYSE OI traded down $0.44 on Thursday, reaching $11.11. 2,187,560 shares of the company’s stock traded hands, compared to its average volume of 1,693,189. O-I Glass has a fifty-two week low of $10.08 and a fifty-two week high of $17.58. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26. The stock has a 50 day moving average price of $12.72 and a 200-day moving average price of $12.47. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -7.08 and a beta of 1.17.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.07). 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 analyst estimates of $1.76 billion. During the same period in the previous year, the company posted $0.80 EPS. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. Equities research analysts predict that O-I Glass will post 1.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays decreased their price target on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. UBS Group lowered their target price on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Truist Financial reiterated 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, 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 research report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Insider Activity

In other O-I Glass news, Director John Humphrey purchased 15,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the purchase, the director now directly owns 84,227 shares in the company, valued at approximately $951,765.10. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.49% 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.