O-I Glass (NYSE:OI) Stock Rating Upgraded by Bank of America

O-I Glass (NYSE:OI) was upgraded by equities research analysts at Bank of America from a “neutral” rating to a “buy” rating in a note issued to investors on Thursday, MarketBeat reports. The firm presently has a $16.00 price objective on the industrial products company’s stock, up from their previous price objective of $14.00. Bank of America‘s price target suggests a potential upside of 21.35% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Royal Bank of Canada lowered their target price on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. UBS Group lowered their target price on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Truist Financial reissued a “buy” rating and set a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Barclays reduced their price target on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. Finally, StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.63.

O-I Glass Stock Up 0.7 %

O-I Glass stock opened at $13.19 on Thursday. The firm has a 50 day simple moving average of $12.67 and a 200 day simple moving average of $12.71. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85. O-I Glass has a 1-year low of $10.08 and a 1-year high of $17.58. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -6.87, a P/E/G ratio of 1.90 and a beta of 1.17.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the firm posted $0.88 EPS. The business’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, analysts predict that O-I Glass will post 1.13 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John Humphrey bought 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the transaction, the director now owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Newbridge Financial Services Group Inc. grew its position in O-I Glass by 1,337.5% in the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock worth $32,000 after acquiring an additional 2,675 shares in the last quarter. GAMMA Investing LLC boosted its position in O-I Glass by 371.0% during the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after buying an additional 1,892 shares during the period. Fidelis Capital Partners LLC purchased a new stake in O-I Glass during the first quarter valued at about $33,000. FinTrust Capital Advisors LLC purchased a new stake in O-I Glass during the first quarter valued at about $38,000. Finally, Headlands Technologies LLC purchased a new stake in O-I Glass during the first quarter valued at about $39,000. 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.