O-I Glass (NYSE:OI) Posts Quarterly Earnings Results

O-I Glass (NYSE:OI) issued its earnings results on Tuesday. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.07), Briefing.com reports. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the company posted $0.80 earnings per share. O-I Glass’s quarterly revenue was down 3.7% compared to the same quarter last year. O-I Glass updated its FY24 guidance to $0.70-0.80 EPS and its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Stock Down 4.6 %

O-I Glass stock traded down $0.57 during midday trading on Wednesday, reaching $11.87. The company’s stock had a trading volume of 2,025,271 shares, compared to its average volume of 1,683,175. The stock’s 50-day simple moving average is $12.73 and its 200-day simple moving average is $12.48. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75. O-I Glass has a 52-week low of $10.08 and a 52-week high of $17.58. The stock has a market capitalization of $1.85 billion, a P/E ratio of -7.35 and a beta of 1.17.

Insider Activity

In other news, Director John Humphrey acquired 15,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $11.30 per share, with a total value of $169,500.00. Following the completion of the acquisition, the director now owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.49% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OI. UBS Group lowered their target price on O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Citigroup upped their price objective on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Barclays decreased their price objective on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.63.

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.