O-I Glass (NYSE:OI) Downgraded by Wall Street Zen to Buy

Wall Street Zen lowered shares of O-I Glass (NYSE:OI) from a strong-buy rating to a buy rating in a report issued on Sunday.

Several other brokerages have also recently issued reports on OI. Wells Fargo & Company boosted their price objective on O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $17.00 in a report on Monday, November 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. Truist Financial decreased their target price on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Finally, Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.67.

O-I Glass Stock Down 0.2%

OI stock opened at $14.94 on Friday. The company has a market capitalization of $2.29 billion, a P/E ratio of -15.89, a price-to-earnings-growth ratio of 0.23 and a beta of 0.78. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.04. The firm’s fifty day simple moving average is $13.43 and its 200-day simple moving average is $13.50. The company has a debt-to-equity ratio of 3.36, a current ratio of 1.33 and a quick ratio of 0.84.

O-I Glass (NYSE:OI) last issued its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share (EPS) for the quarter. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. The firm had revenue of $1.59 billion during the quarter. As a group, equities research analysts forecast that O-I Glass will post 1.33 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Headlands Technologies LLC acquired a new stake in shares of O-I Glass in the second quarter valued at approximately $29,000. State of Wyoming purchased a new stake in O-I Glass in the 2nd quarter valued at $35,000. Smartleaf Asset Management LLC increased its stake in shares of O-I Glass by 64.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 918 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of O-I Glass by 31.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock worth $50,000 after acquiring an additional 820 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of O-I Glass during the 2nd quarter worth $51,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

About O-I Glass

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.