Q1 2024 EPS Estimates for O-I Glass, Inc. (NYSE:OI) Decreased by Analyst

O-I Glass, Inc. (NYSE:OI) – Equities researchers at Zacks Research reduced their Q1 2024 EPS estimates for O-I Glass in a research report issued on Tuesday, April 16th. Zacks Research analyst M. Das now forecasts that the industrial products company will post earnings of $0.34 per share for the quarter, down from their prior forecast of $0.35. The consensus estimate for O-I Glass’ current full-year earnings is $2.37 per share. Zacks Research also issued estimates for O-I Glass’ Q2 2024 earnings at $0.75 EPS, Q3 2024 earnings at $0.84 EPS, Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $2.40 EPS, Q1 2025 earnings at $0.51 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.69 EPS and FY2025 earnings at $2.66 EPS.

O-I Glass (NYSE:OI) last posted its earnings results on Tuesday, February 6th. The industrial products company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.09. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.38 EPS.

OI has been the subject of several other research reports. StockNews.com downgraded shares of O-I Glass from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Citigroup lowered shares of O-I Glass from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $17.00 to $18.00 in a research note on Wednesday, January 3rd. Truist Financial reiterated a “buy” rating and set a $20.00 target price on shares of O-I Glass in a research note on Monday, March 25th. TheStreet cut O-I Glass from a “b-” rating to a “c-” rating in a research report on Tuesday, February 6th. Finally, Barclays increased their price objective on O-I Glass from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 13th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.00.

O-I Glass Price Performance

OI stock opened at $15.42 on Wednesday. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 2.69. The company has a market capitalization of $2.40 billion, a P/E ratio of -20.56, a PEG ratio of 1.04 and a beta of 1.35. The business has a 50 day simple moving average of $16.18 and a 200-day simple moving average of $15.66. O-I Glass has a twelve month low of $13.56 and a twelve month high of $23.57.

Hedge Funds Weigh In On O-I Glass

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp increased its holdings in shares of O-I Glass by 414.2% in the 3rd quarter. Van ECK Associates Corp now owns 129,826 shares of the industrial products company’s stock valued at $2,172,000 after purchasing an additional 104,576 shares in the last quarter. Hussman Strategic Advisors Inc. acquired a new stake in shares of O-I Glass in the 3rd quarter worth approximately $1,757,000. New York State Common Retirement Fund grew its holdings in shares of O-I Glass by 14.4% in the 3rd quarter. New York State Common Retirement Fund now owns 523,860 shares of the industrial products company’s stock worth $8,764,000 after acquiring an additional 65,835 shares during the period. American Century Companies Inc. increased its stake in O-I Glass by 7.8% in the 3rd quarter. American Century Companies Inc. now owns 1,672,400 shares of the industrial products company’s stock valued at $27,979,000 after purchasing an additional 121,495 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC raised its holdings in O-I Glass by 378.2% during the third quarter. Schonfeld Strategic Advisors LLC now owns 63,116 shares of the industrial products company’s stock worth $1,056,000 after purchasing an additional 49,916 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

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.