O-I Glass (NYSE:OI) Announces Quarterly Earnings Results

Key Points

• O-I Glass reported quarterly EPS of $0.09, missing analysts’ consensus estimate of $0.24 by $0.15. The company posted a negative net margin of 2.91% and a return on equity of 13.65%.
• Shares fell 1.6% to $9.05, near their 52-week low of $7.75 and well below the 200-day moving average of $11.23. Analysts maintain a consensus rating of “Hold,” with an average price target of $13.57.
• Company insiders purchased 17,083 shares worth approximately $157,312 over the past quarter, while institutional investors own 97.24% of O-I Glass stock.

O-I Glass (NYSE:OI - Get Free Report) released its quarterly earnings results on Tuesday. The industrial products company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.15), Zacks reports. O-I Glass had a negative net margin of 2.91% and a positive return on equity of 13.65%.

O-I Glass Trading Down 1.6%

Shares of O-I Glass stock traded down $0.15 during trading on Tuesday, reaching $9.05. 5,030,287 shares of the stock were exchanged, compared to its average volume of 2,591,395. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 3.35. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -7.42, a price-to-earnings-growth ratio of 1.10 and a beta of 0.62. O-I Glass has a 1 year low of $7.75 and a 1 year high of $16.91. The stock's fifty day moving average is $9.06 and its 200 day moving average is $11.23.

Wall Street Analyst Weigh In

A number of research firms have commented on OI. Weiss Ratings raised shares of O-I Glass from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, July 15th. UBS Group reduced their target price on shares of O-I Glass from $21.00 to $18.00 and set a "buy" rating on the stock in a report on Friday, April 10th. Bank of America reiterated an "underperform" rating and issued a $11.00 price objective on shares of O-I Glass in a report on Tuesday, July 14th. Truist Financial dropped their target price on O-I Glass from $14.00 to $13.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. Finally, Wells Fargo & Company reduced their price target on O-I Glass from $13.00 to $12.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $13.57.

Insider Activity at O-I Glass

In related news, SVP Darrow A. Abrahams bought 2,774 shares of the company's stock in a transaction dated Monday, May 11th. The stock was purchased at an average cost of $9.04 per share, with a total value of $25,076.96. Following the transaction, the senior vice president owned 235,928 shares in the company, valued at approximately $2,132,789.12. This trade represents a 1.19% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Eduardo Restrepo acquired 3,309 shares of the stock in a transaction on Thursday, May 14th. The stock was bought at an average price of $8.98 per share, with a total value of $29,714.82. Following the completion of the acquisition, the senior vice president directly owned 94,199 shares of the company's stock, valued at $845,907.02. This trade represents a 3.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 17,083 shares of company stock worth $157,312 over the last quarter. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On O-I Glass

Several hedge funds have recently made changes to their positions in OI. Corient Private Wealth LLC grew its position in shares of O-I Glass by 6.0% in the 4th quarter. Corient Private Wealth LLC now owns 18,694 shares of the industrial products company's stock worth $277,000 after buying an additional 1,062 shares during the period. Virtu Financial LLC purchased a new position in O-I Glass during the 4th quarter valued at about $228,000. Invesco Ltd. boosted its stake in O-I Glass by 18.7% during the fourth quarter. Invesco Ltd. now owns 1,269,236 shares of the industrial products company's stock worth $18,734,000 after acquiring an additional 199,938 shares in the last quarter. XTX Topco Ltd boosted its stake in O-I Glass by 22.5% during the fourth quarter. XTX Topco Ltd now owns 24,095 shares of the industrial products company's stock worth $356,000 after acquiring an additional 4,425 shares in the last quarter. Finally, Voloridge Investment Management LLC purchased a new stake in O-I Glass in the fourth quarter worth about $1,917,000. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Company Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.

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