O-I Glass (NYSE:OI) Reaches New 12-Month Low Following Analyst Downgrade

Shares of O-I Glass, Inc. (NYSE:OIGet Free Report) reached a new 52-week low during trading on Tuesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock traded as low as $10.09 and last traded at $10.30, with a volume of 685823 shares changing hands. The stock had previously closed at $10.45.

Several other brokerages have also commented on OI. Royal Bank of Canada decreased their price objective on shares of O-I Glass from $25.00 to $21.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. Bank of America reissued a “neutral” rating and set a $16.00 price target (down from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. Wells Fargo & Company reduced their price target on shares of O-I Glass from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Truist Financial reissued a “buy” rating and set a $17.00 price target (down from $20.00) on shares of O-I Glass in a research report on Thursday, May 2nd. Finally, Citigroup reduced their price target on shares of O-I Glass from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $18.89.

View Our Latest Research Report on OI

Institutional Investors Weigh In On O-I Glass

A number of institutional investors have recently added to or reduced their stakes in the stock. Thompson Investment Management Inc. grew its stake in O-I Glass by 56.1% in the 2nd quarter. Thompson Investment Management Inc. now owns 614,846 shares of the industrial products company’s stock valued at $6,843,000 after acquiring an additional 220,963 shares during the period. Boston Partners acquired a new stake in O-I Glass in the 1st quarter valued at $713,000. EMC Capital Management grew its stake in O-I Glass by 40.4% in the 1st quarter. EMC Capital Management now owns 21,211 shares of the industrial products company’s stock valued at $352,000 after acquiring an additional 6,101 shares during the period. Lumbard & Kellner LLC boosted its stake in O-I Glass by 83.3% during the 1st quarter. Lumbard & Kellner LLC now owns 230,408 shares of the industrial products company’s stock worth $3,822,000 after purchasing an additional 104,700 shares during the last quarter. Finally, KLCM Advisors Inc. acquired a new stake in O-I Glass during the 1st quarter worth $219,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

O-I Glass Stock Performance

The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.56 and a current ratio of 1.02. The firm’s 50 day simple moving average is $12.09 and its 200-day simple moving average is $14.49. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -6.60, a PEG ratio of 1.02 and a beta of 1.24.

O-I Glass (NYSE:OIGet Free Report) last announced its earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping 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 18.25%. The company had revenue of $1.59 billion for 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 firm’s quarterly revenue was down 13.0% on a year-over-year basis. On average, sell-side analysts predict that O-I Glass, Inc. will post 1.67 EPS for the current year.

About O-I Glass

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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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