O-I Glass (NYSE:OI) Stock Price Up 5.2% – Here’s What Happened

O-I Glass, Inc. (NYSE:OI) rose 5.2% during mid-day trading on Monday . The stock traded as high as $12.00 and last traded at $11.70. Approximately 1,045,429 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 1,177,203 shares. The stock had previously closed at $11.12.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OI. Bank of America raised their price objective on O-I Glass from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Barclays reduced their price objective on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Citigroup reduced their price objective on shares of O-I Glass from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Finally, Wells Fargo & Company reduced their price objective on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Three investment 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 has a consensus rating of “Moderate Buy” and a consensus price target of $15.38.

O-I Glass Price Performance

The company’s fifty day moving average is $11.20 and its 200 day moving average is $11.96. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The stock has a market cap of $1.78 billion, a PE ratio of -4.18 and a beta of 1.21.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the business posted $0.80 EPS. The company’s quarterly revenue was down 3.7% on a year-over-year basis. As a group, sell-side analysts anticipate that O-I Glass, Inc. will post 0.75 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

Several large investors have recently bought and sold shares of OI. Geode Capital Management LLC boosted its holdings in O-I Glass by 1.1% in the third quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock worth $46,827,000 after purchasing an additional 37,238 shares during the period. Private Management Group Inc. boosted its holdings in O-I Glass by 20.8% in the third quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after purchasing an additional 520,452 shares during the period. Segall Bryant & Hamill LLC acquired a new position in O-I Glass in the third quarter worth $32,350,000. Highland Peak Capital LLC acquired a new position in O-I Glass in the third quarter worth $27,132,000. Finally, Millennium Management LLC boosted its holdings in O-I Glass by 27.5% in the second quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock worth $21,875,000 after purchasing an additional 424,102 shares during the period. Institutional investors and hedge funds own 97.24% of the company’s stock.

O-I Glass Company Profile

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.