O-I Glass (NYSE:OI) Stock Price Target Lowered at Truist Financial

Key Points

• Truist Financial lowered O-I Glass’s price target from $8 to $7 while maintaining a “buy” rating, implying approximately 30.72% upside from the reported $5.36 share price.
• Analyst sentiment is mixed, with three buy, four hold, and two sell ratings; MarketBeat reports a consensus “hold” rating and an $8.94 average price target.
• O-I Glass missed quarterly earnings expectations, reporting a $0.09-per-share loss versus the $0.16 consensus estimate, while revenue declined 1.8% year over year to $1.62 billion.

O-I Glass (NYSE:OI - Get Free Report) had its price target reduced by Truist Financial from $8.00 to $7.00 in a report released on Thursday, Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Truist Financial's price objective points to a potential upside of 30.72% from the company's current price.

A number of other research firms also recently weighed in on OI. Robert W. Baird set a $13.00 target price on O-I Glass in a report on Thursday, July 30th. Bank of America reissued an "underperform" rating and issued a $11.00 price objective on shares of O-I Glass in a report on Tuesday, July 14th. Zacks Research upgraded shares of O-I Glass from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Royal Bank Of Canada cut their price target on O-I Glass from $8.00 to $7.00 and set a "sector perform" rating for the company in a research note on Tuesday, October 13th. Finally, Citigroup raised O-I Glass from a "neutral" rating to a "buy" rating and increased their price target for the stock from $8.00 to $9.00 in a research report on Friday, August 21st. Three equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $8.94.

O-I Glass Stock Performance

Shares of OI stock traded down $0.28 during trading on Thursday, reaching $5.36. 1,377,946 shares of the company's stock were exchanged, compared to its average volume of 2,903,734. The firm's fifty day moving average price is $6.33 and its 200-day moving average price is $9.64. O-I Glass has a twelve month low of $5.30 and a twelve month high of $16.91. The stock has a market capitalization of $822.85 million, a PE ratio of -0.71, a PEG ratio of 2.49 and a beta of 0.68. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 8.89.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.25). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same quarter last year, the business earned $0.48 earnings per share. The company's revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that O-I Glass will post 0.36 EPS for the current year.

Institutional Investors Weigh In On O-I Glass

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in O-I Glass in the 2nd quarter valued at approximately $225,727,000. Bank of America Corp DE bought a new position in shares of O-I Glass during the second quarter valued at $33,436,000. Cooper Creek Partners Management LLC raised its stake in shares of O-I Glass by 73.8% during the first quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company's stock valued at $73,636,000 after acquiring an additional 2,975,181 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new position in shares of O-I Glass during the second quarter worth $19,260,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of O-I Glass during the second quarter worth $10,046,000. 97.24% of the stock is owned by institutional investors.

O-I Glass Company Profile

O-I Glass, Inc is a global manufacturer of glass packaging products. The company produces glass bottles and jars primarily for the food, beverage, beer, wine, spirits, and pharmaceutical industries, serving brand owners and consumer-products companies.

Its products are designed to provide packaging, preservation, and presentation for a range of consumer goods. O-I also offers glass packaging in various shapes, sizes, and colors, including custom solutions developed for individual brands.

The company traces its history to the Owens Bottle Company, founded in 1903, and the Illinois Glass Company.

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