O-I Glass (NYSE:OI) Sets New 12-Month Low – Here’s What Happened

O-I Glass, Inc. (NYSE:OI)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $6.26 and last traded at $6.2850, with a volume of 559565 shares traded. The stock had previously closed at $6.34.

Analyst Upgrades and Downgrades

OI has been the topic of a number of research reports. Wells Fargo & Company lowered their price target on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. BNP Paribas Exane lowered O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price objective on the stock. in a research report on Thursday, July 30th. Robert W. Baird set a $13.00 target price on O-I Glass in a research report on Thursday, July 30th. Bank of America reiterated an “underperform” rating and set a $11.00 price target on shares of O-I Glass in a research report on Tuesday, July 14th. Finally, UBS Group cut their price objective on shares of O-I Glass from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $10.31.

O-I Glass Stock Down 0.7%

The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 8.89. The stock has a 50 day simple moving average of $7.66 and a 200 day simple moving average of $9.12. The firm has a market capitalization of $967.44 million, a PE ratio of -0.84, a PEG ratio of 2.28 and a beta of 0.66.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.15). O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same period last year, the company posted $0.53 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, sell-side analysts forecast that O-I Glass, Inc. will post 0.39 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

A number of large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its stake in O-I Glass by 1.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 37,828 shares of the industrial products company’s stock worth $558,000 after acquiring an additional 701 shares during the last quarter. ProShare Advisors LLC increased its position in O-I Glass by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 29,887 shares of the industrial products company’s stock worth $441,000 after purchasing an additional 911 shares during the last quarter. HighTower Advisors LLC raised its stake in O-I Glass by 1.5% during the fourth quarter. HighTower Advisors LLC now owns 94,935 shares of the industrial products company’s stock valued at $1,401,000 after purchasing an additional 1,426 shares in the last quarter. Amundi lifted its position in O-I Glass by 1.1% during the first quarter. Amundi now owns 169,728 shares of the industrial products company’s stock valued at $1,785,000 after purchasing an additional 1,841 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of O-I Glass by 11.4% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 19,500 shares of the industrial products company’s stock worth $288,000 after buying an additional 2,000 shares in the last quarter. Institutional investors own 97.24% of the company’s stock.

About O-I Glass

O-I Glass, Inc (NYSE: OI) is a global manufacturer of glass packaging. The company produces bottles and jars primarily for the food, beverage, beer, wine, spirits, and nonalcoholic beverage industries, as well as containers for certain pharmaceutical and other consumer products.

O-I Glass provides packaging solutions that include container design, lightweighting, glass decoration, and related technical services. Its products are made from glass, a material that can be recycled repeatedly without loss of quality, supporting the company’s focus on recyclable and more sustainable packaging.

The company traces its history to the Owens Bottle Company, founded in 1903, and later became known as Owens-Illinois before adopting the O-I Glass name.