O-I Glass (NYSE:OI) PT Lowered to $22.00

O-I Glass (NYSE:OI) had its price objective dropped by analysts at Robert W. Baird from $28.00 to $22.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Robert W. Baird’s price objective would suggest a potential upside of 67.05% from the company’s current price.

A number of other brokerages have also recently issued reports on OI. Bank of America reissued a “neutral” rating and issued a $16.00 price objective (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Citigroup downgraded O-I Glass from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $17.00 to $18.00 in a research report on Wednesday, January 3rd. StockNews.com cut O-I Glass from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. UBS Group began coverage on O-I Glass in a report on Tuesday, January 16th. They issued a “buy” rating and a $26.00 price target on the stock. Finally, Barclays increased their price objective on shares of O-I Glass from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $19.89.

O-I Glass Stock Performance

Shares of OI traded up $0.08 during mid-day trading on Thursday, hitting $13.17. 1,483,504 shares of the company traded hands, compared to its average volume of 1,925,177. O-I Glass has a 1 year low of $12.40 and a 1 year high of $23.57. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.77 and a current ratio of 1.02. The stock has a 50-day moving average price of $15.71 and a two-hundred day moving average price of $15.54. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -8.28, a P/E/G ratio of 1.22 and a beta of 1.36.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.69 billion. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. O-I Glass’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 earnings per share. Equities analysts anticipate that O-I Glass will post 1.75 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

Several hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP lifted its stake in shares of O-I Glass by 12.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock worth $108,358,000 after purchasing an additional 728,493 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of O-I Glass by 32.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,644,360 shares of the industrial products company’s stock worth $43,870,000 after buying an additional 641,493 shares during the last quarter. Cooper Creek Partners Management LLC boosted its stake in O-I Glass by 39.6% in the third quarter. Cooper Creek Partners Management LLC now owns 2,200,187 shares of the industrial products company’s stock valued at $36,809,000 after acquiring an additional 623,705 shares in the last quarter. Luminus Management LLC grew its holdings in O-I Glass by 69.4% in the third quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company’s stock worth $35,814,000 after purchasing an additional 877,172 shares during the last quarter. Finally, Private Management Group Inc. increased its position in shares of O-I Glass by 0.7% during the fourth quarter. Private Management Group Inc. now owns 2,051,886 shares of the industrial products company’s stock worth $33,610,000 after purchasing an additional 14,018 shares in the last quarter. Hedge funds and other 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.