O-I Glass (NYSE:OI) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of O-I Glass (NYSE:OI) from a sell rating to a hold rating in a research report released on Tuesday morning.

OI has been the subject of a number of other research reports. Robert W. Baird decreased their target price on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Truist Financial restated a “buy” rating and set a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Citigroup raised 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. Royal Bank of Canada reduced their price objective on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and raised their price objective for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, O-I Glass currently has an average rating of “Moderate Buy” and an average target price of $16.25.

O-I Glass Trading Down 2.8 %

OI stock opened at $13.00 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass has a fifty-two week low of $10.08 and a fifty-two week high of $17.58. The firm’s 50-day simple moving average is $12.64 and its 200 day simple moving average is $12.28.

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

Institutional Investors Weigh In On O-I Glass

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. lifted its position in O-I Glass by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,823,138 shares of the industrial products company’s stock worth $23,920,000 after buying an additional 130,422 shares in the last quarter. Highland Peak Capital LLC purchased a new stake in O-I Glass in the 3rd quarter worth approximately $27,132,000. Intech Investment Management LLC purchased a new stake in O-I Glass in the 3rd quarter worth approximately $563,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of O-I Glass by 22.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 99,230 shares of the industrial products company’s stock valued at $1,302,000 after purchasing an additional 18,000 shares in the last quarter. Finally, Segall Bryant & Hamill LLC bought a new position in shares of O-I Glass during the 3rd quarter valued at $32,350,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

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.