Q1 2024 Earnings Estimate for O-I Glass, Inc. Issued By Zacks Research (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) – Equities researchers at Zacks Research cut their Q1 2024 earnings estimates for O-I Glass in a report released on Tuesday, April 16th. Zacks Research analyst M. Das now expects that the industrial products company will earn $0.34 per share for the quarter, down from their previous forecast of $0.35. The consensus estimate for O-I Glass’ current full-year earnings is $2.37 per share. Zacks Research also issued estimates for O-I Glass’ Q2 2024 earnings at $0.75 EPS, Q3 2024 earnings at $0.84 EPS, Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $2.40 EPS, Q1 2025 earnings at $0.51 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.69 EPS and FY2025 earnings at $2.66 EPS.

A number of other brokerages have also commented on OI. TheStreet lowered shares of O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Truist Financial restated a “buy” rating and issued a $20.00 price target on shares of O-I Glass in a research note on Monday, March 25th. StockNews.com lowered O-I Glass from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Citigroup downgraded O-I Glass from a “buy” rating to a “neutral” rating and increased their target price for the company from $17.00 to $18.00 in a report on Wednesday, January 3rd. Finally, UBS Group initiated coverage on O-I Glass in a research note on Tuesday, January 16th. They set a “buy” rating and a $26.00 price target for the company. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, O-I Glass has an average rating of “Moderate Buy” and an average price target of $24.00.

O-I Glass Price Performance

NYSE OI opened at $15.42 on Wednesday. O-I Glass has a one year low of $13.56 and a one year high of $23.57. The stock has a 50-day moving average of $16.18 and a 200 day moving average of $15.66. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23. The company has a market capitalization of $2.40 billion, a price-to-earnings ratio of -20.56, a PEG ratio of 1.04 and a beta of 1.35.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.03 by $0.09. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.63 billion. O-I Glass had a negative net margin of 1.45% and a positive return on equity of 24.90%. O-I Glass’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.38 EPS.

Institutional Investors Weigh In On O-I Glass

Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in O-I Glass during the first quarter valued at approximately $2,258,000. Diversified Trust Co increased its position in O-I Glass by 15.1% during the first quarter. Diversified Trust Co now owns 45,772 shares of the industrial products company’s stock valued at $759,000 after acquiring an additional 6,020 shares during the last quarter. Hennessy Advisors Inc. raised its stake in shares of O-I Glass by 44.0% in the first quarter. Hennessy Advisors Inc. now owns 204,300 shares of the industrial products company’s stock valued at $3,389,000 after acquiring an additional 62,400 shares during the period. Thompson Investment Management Inc. lifted its holdings in shares of O-I Glass by 84.2% in the 1st quarter. Thompson Investment Management Inc. now owns 393,883 shares of the industrial products company’s stock worth $6,535,000 after acquiring an additional 180,093 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of O-I Glass by 8.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,474,863 shares of the industrial products company’s stock worth $24,158,000 after purchasing an additional 115,728 shares during the period. 97.24% of the stock is owned by institutional investors.

About O-I Glass

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.