O-I Glass (NYSE:OI) Reaches New 1-Year High - Time to Buy?

O-I Glass, Inc. (NYSE:OI - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $15.93 and last traded at $15.72, with a volume of 1647949 shares trading hands. The stock had previously closed at $15.67.

Wall Street Analysts Forecast Growth

OI has been the topic of a number of recent analyst reports. BNP Paribas Exane initiated coverage on O-I Glass in a report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price objective on the stock. Royal Bank Of Canada reiterated an "outperform" rating and issued a $16.00 price objective on shares of O-I Glass in a report on Monday, March 17th. UBS Group reiterated a "buy" rating and issued a $19.00 price target (up from $17.00) on shares of O-I Glass in a research note on Wednesday. Citigroup increased their price target on shares of 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 increased their target price on shares of O-I Glass from $16.00 to $21.00 and gave the company a "buy" rating in a research report on Friday. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, O-I Glass has an average rating of "Moderate Buy" and an average price target of $17.30.

O-I Glass Trading Down 0.6%

The company has a debt-to-equity ratio of 3.83, a current ratio of 1.24 and a quick ratio of 0.73. The firm has a market capitalization of $2.39 billion, a PE ratio of -12.25, a price-to-earnings-growth ratio of 0.32 and a beta of 0.97. The business's 50-day moving average price is $13.99 and its 200-day moving average price is $12.20.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.22. O-I Glass had a negative net margin of 2.98% and a positive return on equity of 8.48%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period last year, the firm posted $0.45 EPS. O-I Glass's revenue for the quarter was up .4% on a year-over-year basis. As a group, analysts expect that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

Hedge funds and other institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of O-I Glass by 2.2% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 42,900 shares of the industrial products company's stock worth $465,000 after purchasing an additional 916 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in O-I Glass by 1.5% during the first quarter. Russell Investments Group Ltd. now owns 70,572 shares of the industrial products company's stock worth $809,000 after buying an additional 1,074 shares in the last quarter. GAMMA Investing LLC boosted its holdings in 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 buying an additional 1,142 shares in the last quarter. SummerHaven Investment Management LLC boosted its holdings in O-I Glass by 1.6% during the first quarter. SummerHaven Investment Management LLC now owns 75,226 shares of the industrial products company's stock worth $863,000 after buying an additional 1,204 shares in the last quarter. Finally, Baird Financial Group Inc. boosted its holdings in O-I Glass by 9.6% during the fourth quarter. Baird Financial Group Inc. now owns 16,152 shares of the industrial products company's stock worth $175,000 after buying an additional 1,410 shares in the last quarter. 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.