Truist Financial Issues Pessimistic Forecast for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its price objective lowered by Truist Financial from $15.00 to $13.00 in a report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other brokerages have also weighed in on OI. Bank of America raised their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, January 6th. Citigroup dropped their price objective on O-I Glass from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Royal Bank of Canada reissued an “outperform” rating and issued a $16.00 target price on shares of O-I Glass in a report on Monday, March 17th. Finally, Wells Fargo & Company decreased their target price on O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $15.00.

O-I Glass Price Performance

Shares of OI opened at $11.34 on Tuesday. The company has a market cap of $1.75 billion, a P/E ratio of -15.96, a PEG ratio of 0.24 and a beta of 0.98. O-I Glass has a fifty-two week low of $9.23 and a fifty-two week high of $15.72. The company has a quick ratio of 0.70, a current ratio of 1.15 and a debt-to-equity ratio of 3.78. The firm’s 50 day moving average price is $11.30 and its 200 day moving average price is $11.58.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, February 4th. The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. O-I Glass had a positive return on equity of 8.27% and a negative net margin of 1.62%. On average, research analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of OI. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of O-I Glass by 44.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,444 shares of the industrial products company’s stock valued at $189,000 after buying an additional 5,053 shares during the period. SummerHaven Investment Management LLC grew its holdings in O-I Glass by 1.6% in the first quarter. SummerHaven Investment Management LLC now owns 75,226 shares of the industrial products company’s stock valued at $863,000 after purchasing an additional 1,204 shares during the last quarter. Thompson Investment Management Inc. increased its holdings in O-I Glass by 1.8% during the 1st quarter. Thompson Investment Management Inc. now owns 744,849 shares of the industrial products company’s stock valued at $8,543,000 after acquiring an additional 13,011 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of O-I Glass by 117.7% during the 1st quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company’s stock worth $525,000 after purchasing an additional 24,743 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company’s stock worth $30,000 after buying an additional 1,142 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Company Profile

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.