Wells Fargo & Company Cuts O-I Glass (NYSE:OI) Price Target to $19.00

O-I Glass (NYSE:OI) had its price target cut by Wells Fargo & Company from $22.00 to $19.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the industrial products company’s stock.

Other equities research analysts also recently issued reports about the company. Citigroup downgraded O-I Glass from a buy rating to a neutral rating and increased their price target for the stock from $17.00 to $18.00 in a report on Wednesday, January 3rd. Robert W. Baird dropped their target price on O-I Glass from $28.00 to $22.00 and set an outperform rating on the stock in a research note on Thursday. Bank of America reaffirmed a neutral rating and issued a $16.00 price target (down previously from $21.00) on shares of O-I Glass in a report on Friday, April 19th. Barclays upped their target price on O-I Glass from $16.00 to $18.00 and gave the company an equal weight rating in a research report on Tuesday, February 13th. Finally, TheStreet lowered O-I Glass from a b- rating to a c- rating in a research note on Tuesday, February 6th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $19.89.

O-I Glass Stock Up 0.6 %

OI opened at $13.17 on Thursday. The company has a quick ratio of 0.56, a current ratio of 1.02 and a debt-to-equity ratio of 2.26. O-I Glass has a fifty-two week low of $12.40 and a fifty-two week high of $23.57. The company has a fifty day moving average of $15.71 and a 200 day moving average of $15.55.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter in the prior year, the firm earned $1.29 earnings per share. O-I Glass’s revenue was down 13.0% on a year-over-year basis. As a group, sell-side analysts forecast that O-I Glass will post 1.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd grew its position in shares of O-I Glass by 259.7% in the 3rd quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock valued at $28,000 after buying an additional 1,205 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of O-I Glass by 37.3% in the 4th quarter. Quadrant Capital Group LLC now owns 5,168 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 1,404 shares during the last quarter. Comerica Bank boosted its position in shares of O-I Glass by 1.8% in the 4th quarter. Comerica Bank now owns 81,833 shares of the industrial products company’s stock valued at $1,340,000 after purchasing an additional 1,411 shares during the period. Lumbard & Kellner LLC grew its stake in O-I Glass by 1.4% during the 4th quarter. Lumbard & Kellner LLC now owns 125,708 shares of the industrial products company’s stock worth $2,059,000 after buying an additional 1,793 shares during the last quarter. Finally, Diversified Trust Co increased its position in O-I Glass by 4.9% during the fourth quarter. Diversified Trust Co now owns 39,752 shares of the industrial products company’s stock worth $651,000 after buying an additional 1,846 shares during the period. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.