Royal Bank of Canada Trims O-I Glass (NYSE:OI) Target Price to $21.00

O-I Glass (NYSE:OI) had its price objective cut by Royal Bank of Canada from $25.00 to $21.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 61.41% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Truist Financial reissued a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of O-I Glass in a report on Thursday. Bank of America reaffirmed a “neutral” rating and issued a $16.00 target price (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. StockNews.com lowered shares of O-I Glass from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. Barclays increased their price objective on shares of O-I Glass from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 13th. Finally, TheStreet downgraded shares of O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.89.

O-I Glass Trading Up 3.4 %

OI stock traded up $0.43 during trading on Thursday, hitting $13.01. The company had a trading volume of 819,025 shares, compared to its average volume of 1,736,612. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 2.69. The firm has a 50-day moving average price of $15.87 and a 200-day moving average price of $15.58. O-I Glass has a 12 month low of $12.40 and a 12 month high of $23.57. The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -8.13, a PEG ratio of 1.04 and a beta of 1.36.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, April 30th. The industrial products company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.36 by $0.09. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 17.85%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter in the previous year, the company posted $1.29 EPS. The business’s revenue for the quarter was down 13.0% compared to the same quarter last year. As a group, analysts predict that O-I Glass will post 2.33 earnings per share for the current year.

Institutional Trading of O-I Glass

Several hedge funds and other institutional investors have recently modified their holdings of OI. Exchange Traded Concepts LLC purchased a new position in O-I Glass in the 3rd quarter worth approximately $250,000. Raymond James Financial Services Advisors Inc. raised its holdings in O-I Glass by 4.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 155,152 shares of the industrial products company’s stock worth $2,596,000 after purchasing an additional 6,580 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of O-I Glass by 15.5% in the 3rd quarter. Mackenzie Financial Corp now owns 18,929 shares of the industrial products company’s stock worth $304,000 after acquiring an additional 2,540 shares in the last quarter. TD Asset Management Inc increased its stake in shares of O-I Glass by 75.0% in the 3rd quarter. TD Asset Management Inc now owns 22,400 shares of the industrial products company’s stock worth $375,000 after acquiring an additional 9,600 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of O-I Glass by 29.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 10,289 shares of the industrial products company’s stock worth $172,000 after acquiring an additional 2,365 shares in the last quarter. Institutional investors own 97.24% of the company’s stock.

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.