O-I Glass (NYSE:OI) Stock Falls 5.5% – Here’s What Happened

O-I Glass, Inc. (NYSE:OI) shares were down 5.5% on Tuesday. The company traded as low as $4.88 and last traded at $4.9150. 2,087,654 shares were traded during mid-day trading, a decline of 29% from the average daily volume of 2,945,113 shares. The stock had previously closed at $5.20.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Weiss Ratings downgraded O-I Glass from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, October 21st. Wells Fargo & Company reduced their price objective on shares of O-I Glass from $12.00 to $10.00 and set an “overweight” rating for the company in a research note on Monday, October 19th. Truist Financial dropped their price objective on O-I Glass from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, October 29th. Robert W. Baird set a $13.00 price objective on O-I Glass in a report on Thursday, July 30th. Finally, Royal Bank Of Canada decreased their target price on O-I Glass from $8.00 to $7.00 and set a “sector perform” rating on the stock in a research report on Tuesday, October 13th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, O-I Glass has an average rating of “Hold” and an average price target of $8.81.

O-I Glass Stock Down 5.9%

The company has a market cap of $752.17 million, a PE ratio of -0.63, a P/E/G ratio of 2.16 and a beta of 0.68. The company has a quick ratio of 0.77, a current ratio of 1.28 and a debt-to-equity ratio of 8.84. The firm’s fifty day simple moving average is $6.24 and its 200-day simple moving average is $9.48.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, October 27th. The industrial products company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.25). The company had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.64 billion. O-I Glass had a positive return on equity of 3.74% and a negative net margin of 18.89%. The business’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.48 EPS. As a group, equities research analysts expect that O-I Glass, Inc. will post 0.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Optiver Holding B.V. boosted its stake in O-I Glass by 491.5% during the 1st quarter. Optiver Holding B.V. now owns 2,496 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 2,074 shares during the period. Fiduciary Financial Advisors bought a new stake in shares of O-I Glass during the second quarter valued at approximately $34,000. Fortitude Family Office LLC raised its holdings in shares of O-I Glass by 5,036.0% during the third quarter. Fortitude Family Office LLC now owns 4,417 shares of the industrial products company’s stock valued at $25,000 after buying an additional 4,331 shares during the last quarter. Global Retirement Partners LLC bought a new stake in shares of O-I Glass during the second quarter valued at approximately $44,000. Finally, Wealth Enhancement Trust Services Inc. boosted its position in shares of O-I Glass by 57.3% during the third quarter. Wealth Enhancement Trust Services Inc. now owns 5,825 shares of the industrial products company’s stock worth $33,000 after buying an additional 2,121 shares during the period. Institutional investors and hedge funds own 97.24% of the company’s stock.

About O-I Glass

O-I Glass, Inc is a global manufacturer of glass packaging products. The company produces glass bottles and jars primarily for the food, beverage, beer, wine, spirits, and pharmaceutical industries, serving brand owners and consumer-products companies.

Its products are designed to provide packaging, preservation, and presentation for a range of consumer goods. O-I also offers glass packaging in various shapes, sizes, and colors, including custom solutions developed for individual brands.

The company traces its history to the Owens Bottle Company, founded in 1903, and the Illinois Glass Company.