O-I Glass (NYSE:OI) Shares Gap Up Following Strong Earnings

O-I Glass, Inc. (NYSE:OI)’s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $11.73, but opened at $12.37. O-I Glass shares last traded at $11.98, with a volume of 85,253 shares traded.

The industrial products company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Wells Fargo & Company lowered their price target on O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. Bank of America upped their price target on O-I Glass from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, January 6th. Barclays lowered their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Finally, Royal Bank of Canada lowered their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $15.38.

Institutional Trading of O-I Glass

Several institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in shares of O-I Glass by 1.1% during 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 in the last quarter. Private Management Group Inc. grew its position in shares of O-I Glass by 20.8% during 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 in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of O-I Glass during the third quarter worth about $32,350,000. Highland Peak Capital LLC purchased a new stake in shares of O-I Glass during the third quarter worth about $27,132,000. Finally, Charles Schwab Investment Management Inc. grew its position in shares of O-I Glass by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,823,138 shares of the industrial products company’s stock worth $23,920,000 after purchasing an additional 130,422 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Price Performance

The firm has a market cap of $1.86 billion, a PE ratio of -4.34 and a beta of 1.22. The firm has a fifty day simple moving average of $11.09 and a two-hundred day simple moving average of $11.96. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23.

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.