O-I Glass (NYSE:OI) Shares Gap Down After Earnings Miss

O-I Glass, Inc. (NYSE:OI) gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $12.44, but opened at $11.56. O-I Glass shares last traded at $11.75, with a volume of 378,337 shares trading hands.

The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.07). O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the business posted $0.80 EPS. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on OI. Royal Bank of Canada lowered their target price on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. Barclays reduced their target price 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. 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. Finally, Wells Fargo & Company lowered their target price on O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.63.

Insider Activity

In related news, Director John Humphrey purchased 15,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $11.30 per share, with a total value of $169,500.00. Following the purchase, the director now directly owns 84,227 shares in the company, valued at $951,765.10. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 1.49% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OI. Harbor Capital Advisors Inc. acquired a new position in shares of O-I Glass during the 3rd quarter worth approximately $27,000. Newbridge Financial Services Group Inc. increased its position in O-I Glass by 1,337.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 2,675 shares in the last quarter. GAMMA Investing LLC raised its stake in O-I Glass by 371.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 1,892 shares during the last quarter. Fidelis Capital Partners LLC acquired a new position in O-I Glass in the 1st quarter valued at about $33,000. Finally, FinTrust Capital Advisors LLC acquired a new stake in shares of O-I Glass during the 1st quarter worth about $38,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Trading Down 5.5 %

The business’s fifty day moving average price is $12.73 and its 200 day moving average price is $12.48. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85. The firm has a market capitalization of $1.83 billion, a PE ratio of -7.82 and a beta of 1.17.

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.