Barclays Lowers O-I Glass (NYSE:OI) Price Target to $15.00

O-I Glass (NYSE:OI) had its target price dropped by investment analysts at Barclays from $18.00 to $15.00 in a report issued on Monday, Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price objective suggests a potential upside of 11.94% from the stock’s previous close.

Several other research analysts also recently issued reports on the company. UBS Group began coverage on O-I Glass in a research report on Tuesday, January 16th. They set a “buy” rating and a $26.00 price objective for the company. Wells Fargo & Company reduced their price objective on O-I Glass from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Royal Bank of Canada decreased their price objective on O-I Glass from $25.00 to $21.00 and set an “outperform” rating on the stock in a research note on Thursday, May 2nd. Robert W. Baird reduced their target price on shares of O-I Glass from $28.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. Finally, Truist Financial reiterated a “buy” rating and set a $17.00 price target (down from $20.00) on shares of O-I Glass in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $19.56.

O-I Glass Stock Performance

NYSE OI opened at $13.40 on Monday. The business has a 50 day moving average price of $15.56 and a 200 day moving average price of $15.52. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.02 and a quick ratio of 0.56. The company has a market capitalization of $2.09 billion, a P/E ratio of -8.43, a PEG ratio of 1.34 and a beta of 1.36. O-I Glass has a 1-year low of $12.40 and a 1-year high of $23.57.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.09. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. The business’s revenue was down 13.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.29 EPS. Sell-side analysts expect that O-I Glass will post 1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

Several institutional investors have recently bought and sold shares of OI. Van ECK Associates Corp boosted its position in O-I Glass by 414.2% during the 3rd quarter. Van ECK Associates Corp now owns 129,826 shares of the industrial products company’s stock worth $2,172,000 after purchasing an additional 104,576 shares during the period. Levin Capital Strategies L.P. grew its stake in shares of O-I Glass by 55.0% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,691,765 shares of the industrial products company’s stock valued at $27,711,000 after buying an additional 600,239 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new stake in shares of O-I Glass during the 3rd quarter valued at about $1,757,000. New York State Common Retirement Fund lifted its position in O-I Glass by 14.4% during 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 in the last quarter. Finally, American Century Companies Inc. boosted its holdings 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 worth $27,979,000 after acquiring an additional 121,495 shares during the period. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

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.