Barclays Issues Pessimistic Forecast for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its target price dropped by research analysts at Barclays from $14.00 to $13.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Barclays‘s price target would suggest a potential upside of 16.80% from the stock’s current price.

Other research analysts have also issued research reports about the stock. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and increased their price target for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. Truist Financial reaffirmed a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Citigroup lifted their target price on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company dropped their price target on O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Finally, UBS Group reduced their price objective on 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. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, O-I Glass currently has an average rating of “Moderate Buy” and a consensus target price of $16.50.

O-I Glass Stock Performance

O-I Glass stock traded down $0.42 on Thursday, reaching $11.13. 1,154,286 shares of the stock were exchanged, compared to its average volume of 1,688,079. The stock has a market cap of $1.73 billion, a PE ratio of -7.08 and a beta of 1.17. The firm has a fifty day moving average price of $12.72 and a two-hundred day moving average price of $12.47. O-I Glass has a twelve month low of $10.08 and a twelve month high of $17.58. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.07). O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. O-I Glass’s revenue for the quarter was down 3.7% compared to the same quarter last year. Sell-side analysts anticipate that O-I Glass will post 1.11 EPS for the current year.

Insiders Place Their Bets

In other O-I Glass news, Director John Humphrey acquired 15,000 shares of O-I Glass stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $11.30 per share, with a total value of $169,500.00. Following the completion of the purchase, the director now owns 84,227 shares in the company, valued at $951,765.10. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.49% of the company’s stock.

Institutional Trading of O-I Glass

Hedge funds have recently modified their holdings of the company. Susquehanna Fundamental Investments LLC bought a new position in shares of O-I Glass during the 1st quarter worth approximately $1,021,000. Duality Advisers LP bought a new stake in O-I Glass during the first quarter worth about $1,554,000. Vanguard Group Inc. raised its position in O-I Glass by 1.2% during the first quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock valued at $321,220,000 after purchasing an additional 221,823 shares in the last quarter. Private Management Group Inc. grew its position in O-I Glass by 21.3% in the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock valued at $27,884,000 after acquiring an additional 439,838 shares during the last quarter. Finally, Huber Capital Management LLC increased its position in O-I Glass by 200.5% during the 2nd quarter. Huber Capital Management LLC now owns 193,215 shares of the industrial products company’s stock worth $2,150,000 after purchasing an additional 128,915 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.