Citigroup Trims O-I Glass (NYSE:OI) Target Price to $12.00

O-I Glass (NYSE:OI) had its price target decreased by Citigroup from $14.00 to $12.00 in a report published on Monday, Benzinga reports. Citigroup currently has a neutral rating on the industrial products company’s stock.

A number of other research analysts have also weighed in on the stock. StockNews.com upgraded shares of O-I Glass from a sell rating to a hold rating in a research note on Friday, June 14th. Truist Financial reissued a buy rating and issued a $17.00 price target (down from $20.00) on shares of O-I Glass in a report on Thursday, May 2nd. Barclays cut their price target on shares of O-I Glass from $18.00 to $15.00 and set an equal weight rating for the company in a report on Monday, May 6th. Robert W. Baird cut their price target on shares of O-I Glass from $28.00 to $22.00 and set an outperform rating for the company in a report on Thursday, May 2nd. Finally, Bank of America reissued a neutral rating and issued a $16.00 price target (down from $21.00) on shares of O-I Glass in a report on Friday, April 19th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, O-I Glass currently has a consensus rating of Hold and an average target price of $18.89.

O-I Glass Stock Up 6.2 %

O-I Glass stock opened at $11.16 on Monday. O-I Glass has a 1-year low of $10.08 and a 1-year high of $23.57. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of -7.02, a P/E/G ratio of 1.02 and a beta of 1.24. The company has a current ratio of 1.02, a quick ratio of 0.56 and a debt-to-equity ratio of 2.26. The firm has a 50 day simple moving average of $12.05 and a 200 day simple moving average of $14.47.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share 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 business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period in the previous year, the business earned $1.29 EPS. O-I Glass’s revenue was down 13.0% compared to the same quarter last year. On average, analysts predict that O-I Glass will post 1.67 earnings per share for the current year.

Institutional Trading of O-I Glass

Hedge funds have recently made changes to their positions in the stock. Thompson Investment Management Inc. lifted its holdings in shares of O-I Glass by 84.2% during 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. Norges Bank bought a new stake in O-I Glass in the fourth quarter worth $27,562,000. Goldman Sachs Group Inc. lifted its stake in O-I Glass by 8.5% in the fourth 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 last quarter. Leeward Investments LLC MA lifted its stake in O-I Glass by 36.0% in the first quarter. Leeward Investments LLC MA now owns 623,129 shares of the industrial products company’s stock worth $10,338,000 after purchasing an additional 165,103 shares during the last quarter. Finally, Nut Tree Capital Management LP bought a new stake in O-I Glass in the fourth quarter worth $5,733,000. 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.