O-I Glass (NYSE:OI) Updates FY24 Earnings Guidance

O-I Glass (NYSE:OI) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $0.70-0.80 for the period, compared to the consensus EPS estimate of $1.13. O-I Glass also updated its FY 2024 guidance to 0.700-0.800 EPS.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on OI shares. Wells Fargo & Company reduced their target price on O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Barclays dropped their price target on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday. Truist Financial restated a “buy” rating and set a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Finally, UBS Group reduced their price target on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, O-I Glass currently has an average rating of “Moderate Buy” and an average price target of $16.50.

O-I Glass Trading Up 1.1 %

Shares of O-I Glass stock traded up $0.12 during midday trading on Friday, reaching $11.23. 371,005 shares of the company’s stock traded hands, compared to its average volume of 1,686,952. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.75 and a current ratio of 1.23. O-I Glass has a 12 month low of $10.08 and a 12 month high of $17.58. The company has a market cap of $1.74 billion, a PE ratio of -4.07 and a beta of 1.17. The stock has a 50 day moving average of $12.70 and a 200-day moving average of $12.46.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.08). The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate 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 firm’s revenue was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.80 earnings per share. As a group, equities analysts expect that O-I Glass will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling at O-I Glass

In other O-I Glass news, Director John Humphrey purchased 15,000 shares of O-I Glass stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average price of $11.30 per share, with a total value of $169,500.00. Following the transaction, the director now directly owns 84,227 shares of the company’s stock, valued at $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.49% 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.