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

O-I Glass (NYSE:OI) had its price objective cut by Barclays from $14.00 to $13.00 in a report issued on Thursday, Benzinga reports. They currently have an equal weight rating on the industrial products company’s stock.

OI has been the subject of a number of other reports. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Citigroup boosted their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. UBS Group lowered their price objective on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Robert W. Baird reduced their price target on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Royal Bank of Canada reduced their price objective on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $16.50.

O-I Glass Trading Up 1.0 %

Shares of OI stock traded up $0.11 during mid-day trading on Thursday, reaching $11.22. The stock had a trading volume of 176,744 shares, compared to its average volume of 1,686,036. The stock’s 50-day moving average price is $12.70 and its two-hundred day moving average price is $12.46. O-I Glass has a 52-week low of $10.08 and a 52-week high of $17.58. The firm has a market capitalization of $1.74 billion, a PE ratio of -4.07 and a beta of 1.17. The company has a current ratio of 1.23, a quick ratio of 0.75 and a debt-to-equity ratio of 3.18.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The firm’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.80 earnings per share. Equities analysts expect that O-I Glass will post 0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other O-I Glass news, Director John Humphrey bought 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 acquisition, the director now directly owns 84,227 shares of the company’s stock, valued at $951,765.10. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On O-I Glass

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of O-I Glass by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock worth $321,220,000 after purchasing an additional 221,823 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of O-I Glass by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock worth $78,952,000 after buying an additional 573,300 shares in the last quarter. Levin Capital Strategies L.P. raised its stake in O-I Glass by 25.0% in the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock valued at $39,082,000 after purchasing an additional 703,308 shares during the last quarter. Private Management Group Inc. raised its stake in O-I Glass by 20.8% in the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock valued at $39,698,000 after purchasing an additional 520,452 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of O-I Glass by 27.5% during the 2nd quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock valued at $21,875,000 after acquiring an additional 424,102 shares during the last quarter. 97.24% of the stock is 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.