Royal Bank of Canada Has Lowered Expectations for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its price objective reduced by Royal Bank of Canada from $18.00 to $16.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 42.35% from the company’s previous close.

Several other brokerages have also recently weighed in on OI. UBS Group dropped their target price on O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Robert W. Baird reduced their price objective on O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Truist Financial reissued a “buy” rating and issued a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Citigroup lifted their price objective 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, StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.25.

O-I Glass Stock Up 1.2 %

O-I Glass stock traded up $0.13 during trading on Friday, hitting $11.24. 401,382 shares of the company were exchanged, compared to its average volume of 1,687,095. The business’s 50 day moving average is $12.70 and its 200 day moving average is $12.46. The company has a current ratio of 1.23, a quick ratio of 0.75 and a debt-to-equity ratio of 3.18. O-I Glass has a 52 week low of $10.08 and a 52 week high of $17.58. The company has a market capitalization of $1.75 billion, a P/E ratio of -4.07 and a beta of 1.17.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 EPS. Analysts predict that O-I Glass will post 0.75 earnings per share for the current year.

Insider Activity at O-I Glass

In related news, Director John Humphrey acquired 15,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $11.30 per share, with a total value of $169,500.00. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Fidelis Capital Partners LLC purchased a new position in shares of O-I Glass during the 1st quarter worth approximately $33,000. Harbor Capital Advisors Inc. purchased a new position in shares of O-I Glass in the 3rd quarter valued at $27,000. FinTrust Capital Advisors LLC purchased a new position in shares of O-I Glass in the 1st quarter valued at $38,000. Headlands Technologies LLC purchased a new stake in O-I Glass during the 1st quarter worth $39,000. Finally, GAMMA Investing LLC increased its stake in O-I Glass by 371.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock worth $32,000 after buying an additional 1,892 shares during the period. 97.24% of the stock is 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.