O-I Glass (NYSE:OI) Stock Rating Reaffirmed by Truist Financial

Truist Financial reaffirmed their buy rating on shares of O-I Glass (NYSE:OI - Free Report) in a research report released on Thursday, Benzinga reports. Truist Financial currently has a $17.00 price target on the industrial products company's stock, down from their prior price target of $20.00.

Several other brokerages have also recently issued reports on OI. Bank of America reissued a neutral rating and set a $16.00 price objective (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. StockNews.com lowered O-I Glass from a buy rating to a hold rating in a research note on Thursday, February 15th. UBS Group assumed coverage on shares of O-I Glass in a research report on Tuesday, January 16th. They set a buy rating and a $26.00 target price for the company. Wells Fargo & Company reduced their price target on shares of O-I Glass from $22.00 to $19.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Robert W. Baird decreased their price objective on shares of O-I Glass from $28.00 to $22.00 and set an outperform rating for the company in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $19.89.

O-I Glass Price Performance

O-I Glass stock traded up $0.51 during mid-day trading on Thursday, hitting $13.09. 2,915,136 shares of the company were exchanged, compared to its average volume of 1,762,627. O-I Glass has a 12-month low of $12.40 and a 12-month high of $23.57. The company has a market capitalization of $2.04 billion, a P/E ratio of -8.23, a PEG ratio of 1.04 and a beta of 1.36. The business's 50 day simple moving average is $15.79 and its two-hundred day simple moving average is $15.56. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.23 and a quick ratio of 0.77.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.09. The company had revenue of $1.59 billion for the quarter, compared to analysts' expectations of $1.69 billion. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 17.85%. The firm's revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period last year, the company earned $1.29 EPS. Analysts forecast that O-I Glass will post 2.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

Institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in O-I Glass in the fourth quarter worth $27,562,000. Assenagon Asset Management S.A. increased its holdings in shares of O-I Glass by 132.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company's stock worth $32,807,000 after acquiring an additional 1,141,680 shares during the period. Luminus Management LLC lifted its position in O-I Glass by 69.4% in the 3rd quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company's stock valued at $35,814,000 after purchasing an additional 877,172 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in O-I Glass by 12.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company's stock valued at $108,358,000 after purchasing an additional 728,493 shares during the period. Finally, Cooper Creek Partners Management LLC grew its position in O-I Glass by 39.6% in the 3rd quarter. Cooper Creek Partners Management LLC now owns 2,200,187 shares of the industrial products company's stock worth $36,809,000 after purchasing an additional 623,705 shares during the last quarter. Institutional investors own 97.24% of the company's stock.

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.