O-I Glass (NYSE:OI) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of O-I Glass (NYSE:OI) from a sell rating to a hold rating in a report issued on Friday.

A number of other research analysts also recently commented on the stock. Barclays dropped their target price on shares of O-I Glass from $18.00 to $15.00 and set an equal weight rating on the stock in a research report on Monday, May 6th. Robert W. Baird cut their target price on O-I Glass from $28.00 to $22.00 and set an outperform rating on the stock in a research report on Thursday, May 2nd. Bank of America reissued a neutral rating and issued a $16.00 target price (down from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. Truist Financial reaffirmed a buy rating and set a $17.00 price target (down previously from $20.00) on shares of O-I Glass in a research report on Thursday, May 2nd. Finally, Royal Bank of Canada decreased their price objective on O-I Glass from $25.00 to $21.00 and set an outperform rating for the company in a report on Thursday, May 2nd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, O-I Glass has a consensus rating of Moderate Buy and an average target price of $19.56.

O-I Glass Trading Up 1.2 %

NYSE:OI opened at $11.88 on Friday. O-I Glass has a 1 year low of $11.46 and a 1 year high of $23.57. The stock has a market cap of $1.85 billion, a P/E ratio of -7.47, a P/E/G ratio of 1.14 and a beta of 1.27. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.56 and a current ratio of 1.02. The stock has a 50-day simple moving average of $13.53 and a 200-day simple moving average of $15.08.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The firm 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 firm’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.29 earnings per share. As a group, analysts anticipate that O-I Glass will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank purchased a new stake in O-I Glass in the 4th quarter valued at approximately $27,562,000. Assenagon Asset Management S.A. boosted its stake in shares of O-I Glass by 132.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company’s stock valued at $32,807,000 after buying an additional 1,141,680 shares in the last quarter. Levin Capital Strategies L.P. raised its position in O-I Glass by 66.0% in the first quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company’s stock worth $46,586,000 after acquiring an additional 1,116,340 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in O-I Glass in the first quarter valued at $14,603,000. Finally, Luminus Management LLC boosted its position in shares of O-I Glass by 69.4% during the 3rd quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company’s stock worth $35,814,000 after purchasing an additional 877,172 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

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.