O-I Glass (NYSE:OI) Cut to Hold at StockNews.com

O-I Glass (NYSE:OI) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.

Other research analysts have also recently issued reports about the company. Credit Suisse Group cut O-I Glass from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $21.00 to $22.00 in a report on Wednesday, September 13th. Royal Bank of Canada cut their price target on O-I Glass from $37.00 to $32.00 and set an “outperform” rating for the company in a report on Thursday, August 3rd. Truist Financial cut their price target on O-I Glass from $31.00 to $21.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Wells Fargo & Company cut their price target on O-I Glass from $28.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 19th. Finally, Citigroup lowered their price objective on O-I Glass from $23.00 to $19.00 in a research report on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.90.

O-I Glass Price Performance

Shares of NYSE OI traded down $0.09 during midday trading on Monday, reaching $14.92. 1,002,470 shares of the company traded hands, compared to its average volume of 1,238,503. The firm has a market cap of $2.31 billion, a PE ratio of 6.27, a PEG ratio of 0.59 and a beta of 1.38. The stock’s 50-day simple moving average is $15.98 and its 200-day simple moving average is $19.27. O-I Glass has a 12 month low of $13.56 and a 12 month high of $23.57. The company has a debt-to-equity ratio of 2.25, a quick ratio of 0.87 and a current ratio of 1.40.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.10. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.76 billion. O-I Glass had a return on equity of 27.79% and a net margin of 5.31%. The business’s revenue was up 3.0% on a year-over-year basis. During the same period last year, the business earned $0.63 earnings per share. As a group, equities analysts anticipate that O-I Glass will post 3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

Institutional investors have recently modified their holdings of the stock. Covestor Ltd grew its position in shares of O-I Glass by 259.7% during the 3rd quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock worth $28,000 after buying an additional 1,205 shares during the period. Belpointe Asset Management LLC grew its position in shares of O-I Glass by 109.4% during the 1st quarter. Belpointe Asset Management LLC now owns 1,518 shares of the industrial products company’s stock worth $34,000 after buying an additional 793 shares during the period. Lazard Asset Management LLC acquired a new position in shares of O-I Glass during the 1st quarter worth about $34,000. Quarry LP grew its position in shares of O-I Glass by 499.3% in the 1st quarter. Quarry LP now owns 1,744 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 1,453 shares during the period. Finally, Signaturefd LLC acquired a new position in shares of O-I Glass in the 3rd quarter valued at approximately $62,000. 91.29% of the stock is currently owned by institutional investors and hedge funds.

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.