O-I Glass (NYSE:OI) Issues FY24 Earnings Guidance

O-I Glass (NYSE:OIGet Free Report) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.70-0.80 for the period, compared to the consensus earnings per share estimate of $1.13. O-I Glass also updated its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Trading Down 7.2 %

Shares of OI traded down $0.89 during mid-day trading on Wednesday, hitting $11.55. 3,589,017 shares of the company’s stock traded hands, compared to its average volume of 1,690,262. The business’s 50-day moving average price is $12.73 and its 200-day moving average price is $12.48. The firm has a market capitalization of $1.80 billion, a P/E ratio of -7.35 and a beta of 1.17. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85. O-I Glass has a 1 year low of $10.08 and a 1 year high of $17.58.

O-I Glass (NYSE:OIGet Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share 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 firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the firm posted $0.80 earnings per share. The business’s revenue was down 3.7% compared to the same quarter last year. As a group, sell-side analysts forecast that O-I Glass will post 1.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on OI. Truist Financial reissued a “buy” rating and set a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and upped their price target for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Barclays decreased their price objective on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Citigroup lifted their target price on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, Robert W. Baird lowered their price target on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.63.

Check Out Our Latest Report on OI

Insider Buying and Selling

In other news, Director John Humphrey bought 15,000 shares of O-I Glass stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $11.30 per share, with a total value of $169,500.00. Following the acquisition, the director now owns 84,227 shares of the company’s stock, valued at $951,765.10. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.49% of the stock is currently owned by insiders.

O-I Glass Company Profile

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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.

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Earnings History and Estimates for O-I Glass (NYSE:OI)

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