Bank of America Issues Positive Forecast for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its target price boosted by investment analysts at Bank of America from $14.00 to $15.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s target price would suggest a potential upside of 34.77% from the stock’s current price.

OI has been the subject of a number of other research reports. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Citigroup increased their target price on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Wells Fargo & Company lowered their price target on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a research note on Monday. Barclays dropped their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Royal Bank of Canada decreased their price target on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and a consensus target price of $15.88.

O-I Glass Trading Up 5.3 %

Shares of OI stock traded up $0.56 on Monday, hitting $11.13. The stock had a trading volume of 452,872 shares, compared to its average volume of 1,066,493. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 3.18. O-I Glass has a twelve month low of $9.85 and a twelve month high of $17.58. The company has a fifty day moving average price of $11.78 and a two-hundred day moving average price of $11.97. The firm has a market cap of $1.72 billion, a P/E ratio of -4.03 and a beta of 1.21.

O-I Glass (NYSE:OI) last released 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 business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.80 EPS. As a group, analysts forecast that O-I Glass will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of O-I Glass by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after buying an additional 573,300 shares in the last quarter. Geode Capital Management LLC raised its position in O-I Glass by 1.1% during the third quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock valued at $46,827,000 after purchasing an additional 37,238 shares in the last quarter. Levin Capital Strategies L.P. lifted its stake in O-I Glass by 25.0% during the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock worth $39,082,000 after purchasing an additional 703,308 shares during the last quarter. Private Management Group Inc. boosted its holdings in shares of O-I Glass by 20.8% in the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock valued at $39,698,000 after purchasing an additional 520,452 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of O-I Glass during the 3rd quarter worth $32,350,000. 97.24% of the stock is currently owned by 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.