O-I Glass, Inc. (NYSE:OI) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• O-I Glass, Inc. has received a consensus rating of "Moderate Buy" from eight ratings firms, with an average 12-month price target of $17.00 among analysts.
• The company reported earnings of $0.53 per share for the last quarter, surpassing analysts' expectations of $0.41, despite a revenue decline of 1.3% year-over-year.
• CEO Gordon Hardie and SVP Darrow A. Abrahams increased their stock holdings in O-I Glass, reflecting insider confidence in the company’s prospects.

O-I Glass, Inc. (NYSE:OI - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eight ratings firms that are covering the stock, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $17.00.

A number of research firms have issued reports on OI. Truist Financial set a $21.00 target price on O-I Glass and gave the company a "buy" rating in a research note on Friday, July 11th. Citigroup boosted their price objective on O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Thursday, July 3rd. Wall Street Zen raised O-I Glass from a "hold" rating to a "buy" rating in a research note on Sunday, June 29th. Wells Fargo & Company reaffirmed a "mixed" rating on shares of O-I Glass in a research note on Monday. Finally, Barclays upped their price target on shares of O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd.

O-I Glass Price Performance

NYSE:OI opened at $13.35 on Friday. The company has a 50-day moving average of $14.23 and a 200-day moving average of $12.66. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -8.09, a PEG ratio of 0.25 and a beta of 0.92. O-I Glass has a 52 week low of $9.23 and a 52 week high of $16.04. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.77 and a current ratio of 1.24.

O-I Glass (NYSE:OI - Get Free Report) last announced its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.12. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The business had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter last year, the company posted $0.44 EPS. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. As a group, equities research analysts anticipate that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other O-I Glass news, CEO Gordon Hardie purchased 8,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were bought at an average price of $13.10 per share, with a total value of $104,800.00. Following the completion of the transaction, the chief executive officer directly owned 515,817 shares in the company, valued at approximately $6,757,202.70. This trade represents a 1.58% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Darrow A. Abrahams acquired 3,828 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was acquired at an average cost of $13.05 per share, with a total value of $49,955.40. Following the completion of the acquisition, the senior vice president owned 184,447 shares in the company, valued at $2,407,033.35. This trade represents a 2.12% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.93% of the company's stock.

Hedge Funds Weigh In On O-I Glass

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC grew its holdings in shares of O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock worth $30,000 after purchasing an additional 1,142 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in O-I Glass during the first quarter valued at approximately $30,000. Sterling Capital Management LLC grew its stake in O-I Glass by 807.2% in the 4th quarter. Sterling Capital Management LLC now owns 4,881 shares of the industrial products company's stock worth $53,000 after buying an additional 4,343 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in O-I Glass in the 1st quarter worth approximately $85,000. Finally, Point72 Asset Management L.P. bought a new position in shares of O-I Glass in the 4th quarter worth $89,000. Hedge funds and other 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.

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