O-I Glass' (OI) "Neutral" Rating Reaffirmed at Bank of America

O-I Glass (NYSE:OI - Get Free Report)'s stock had its "neutral" rating reiterated by Bank of America in a research note issued on Wednesday, MarketBeat.com reports. They currently have a $17.00 price target on the industrial products company's stock, up from their prior price target of $15.00. Bank of America's price target indicates a potential upside of 9.18% from the company's current price.

OI has been the subject of a number of other reports. Wall Street Zen upgraded O-I Glass from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. BNP Paribas set a $18.00 price target on O-I Glass in a report on Wednesday, June 25th. BNP Paribas Exane started coverage on O-I Glass in a report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 price target for the company. Citigroup upped their target price on O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, July 3rd. Finally, Truist Financial restated a "buy" rating and issued a $16.00 target price (up from $13.00) on shares of O-I Glass in a research note on Thursday, May 1st. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $16.80.

O-I Glass Stock Down 1.5%

Shares of NYSE OI traded down $0.23 during trading hours on Wednesday, hitting $15.57. The stock had a trading volume of 1,891,458 shares, compared to its average volume of 1,526,537. The company has a market capitalization of $2.41 billion, a P/E ratio of -12.36, a P/E/G ratio of 0.32 and a beta of 0.97. The firm's 50-day moving average price is $13.84 and its two-hundred day moving average price is $12.10. 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 3.83, a quick ratio of 0.73 and a current ratio of 1.24.

O-I Glass (NYSE:OI - Get Free Report) last announced its earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.22. The firm had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.55 billion. O-I Glass had a positive return on equity of 8.48% and a negative net margin of 2.98%. The company's revenue was up .4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. Analysts anticipate that O-I Glass will post 1.33 EPS for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

Several hedge funds have recently added to or reduced their stakes in OI. Cooper Creek Partners Management LLC boosted its holdings in O-I Glass by 18.2% in the fourth quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company's stock valued at $120,132,000 after acquiring an additional 1,705,216 shares during the last quarter. Millennium Management LLC boosted its holdings in O-I Glass by 251.7% during the fourth quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company's stock worth $15,806,000 after buying an additional 1,043,570 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new position in O-I Glass during the fourth quarter worth about $10,885,000. MetLife Investment Management LLC boosted its holdings in O-I Glass by 1,043.3% during the first quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company's stock worth $12,328,000 after buying an additional 980,758 shares during the last quarter. Finally, Nuveen LLC bought a new position in O-I Glass during the first quarter worth about $10,738,000. 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.