O-I Glass (NYSE:OI) Stock Price Target Lowered at Truist Financial

O-I Glass (NYSE:OI) had its target price reduced by equities researchers at Truist Financial from $8.00 to $7.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Truist Financial‘s target price suggests a potential upside of 30.72% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. Weiss Ratings downgraded shares of O-I Glass from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, October 21st. Citigroup upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $8.00 to $9.00 in a research report on Friday, August 21st. UBS Group lowered shares of O-I Glass from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $11.00 to $6.00 in a research note on Monday, October 5th. BNP Paribas Exane cut shares of O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price objective for the company. in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada lowered their target price on shares of O-I Glass from $8.00 to $7.00 and set a “sector perform” rating for the company in a research note on Tuesday, October 13th. Three investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $8.94.

O-I Glass Trading Down 4.9%

Shares of NYSE OI traded down $0.28 during trading on Thursday, reaching $5.36. The company had a trading volume of 1,377,946 shares, compared to its average volume of 2,903,734. The stock has a market cap of $822.85 million, a P/E ratio of -0.71, a PEG ratio of 2.49 and a beta of 0.68. The company’s fifty day moving average price is $6.33 and its 200-day moving average price is $9.64. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 8.89. O-I Glass has a 12 month low of $5.30 and a 12 month high of $16.91.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.25). The company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.64 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%. O-I Glass’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.48 earnings per share. As a group, research analysts expect that O-I Glass will post 0.36 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

Several large investors have recently bought and sold shares of the stock. Fortitude Family Office LLC increased its stake in shares of O-I Glass by 5,036.0% during the 3rd quarter. Fortitude Family Office LLC now owns 4,417 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 4,331 shares during the last quarter. Optiver Holding B.V. boosted its holdings in O-I Glass by 491.5% in 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. Wealth Enhancement Trust Services Inc. boosted its position in shares of O-I Glass by 57.3% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 5,825 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 2,121 shares during the last quarter. Fiduciary Financial Advisors purchased a new position in O-I Glass in the 2nd quarter worth approximately $34,000. Finally, Farther Finance Advisors LLC increased its stake in O-I Glass by 69.4% in the third quarter. Farther Finance Advisors LLC now owns 7,336 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 3,006 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

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.