O-I Glass (NYSE:OI) Hits New 1-Year Low After Earnings Miss

Key Points

• O-I Glass shares hit a new 52-week low after the company reported quarterly EPS of $0.09, well below the $0.24 analyst consensus. Revenue of $1.67 billion also fell 2.2% year over year and slightly missed expectations.
• Several brokerages cut their price targets, though ratings remained mixed; MarketBeat reported an average rating of “Hold” and an average target price of $13.57.
• Company insiders purchased 17,083 shares worth approximately $157,312 during the last quarter, while institutional investors continued to own a substantial 97.24% of outstanding shares.

O-I Glass, Inc. (NYSE:OI - Get Free Report)'s share price reached a new 52-week low during trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $7.67 and last traded at $7.6930, with a volume of 99249 shares changing hands. The stock had previously closed at $9.06.

The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.15). O-I Glass had a negative net margin of 2.91% and a positive return on equity of 13.65%. The firm had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.68 billion. During the same period in the previous year, the firm earned $0.53 EPS. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year.

Analyst Ratings Changes

A number of brokerages recently commented on OI. Royal Bank Of Canada lowered their target price on O-I Glass from $14.00 to $11.00 and set an "outperform" rating for the company in a report on Thursday, July 9th. Wells Fargo & Company reduced their price target on shares of 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. UBS Group lowered their price objective on shares of O-I Glass from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, April 10th. 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. Finally, Truist Financial reduced their target price on shares of O-I Glass from $14.00 to $13.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $13.57.

Insiders Place Their Bets

In related news, SVP Darrow A. Abrahams acquired 2,774 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was acquired at an average price of $9.04 per share, for a total transaction of $25,076.96. Following the purchase, the senior vice president owned 235,928 shares of the company's stock, valued at $2,132,789.12. This represents a 1.19% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Randolph L. Burns acquired 11,000 shares of the stock in a transaction dated Friday, May 8th. The shares were bought at an average cost of $9.32 per share, with a total value of $102,520.00. Following the completion of the transaction, the senior vice president owned 133,932 shares of the company's stock, valued at approximately $1,248,246.24. This represents a 8.95% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 17,083 shares of company stock worth $157,312 in the last quarter. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in OI. Farther Finance Advisors LLC raised its holdings in shares of O-I Glass by 87.6% in the 4th quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 830 shares in the last quarter. Optiver Holding B.V. grew its stake in shares of O-I Glass by 491.5% during the first quarter. Optiver Holding B.V. now owns 2,496 shares of the industrial products company's stock worth $26,000 after purchasing an additional 2,074 shares in the last quarter. Headlands Technologies LLC purchased a new position in O-I Glass in the second quarter valued at $29,000. Quarry LP purchased a new position in O-I Glass in the fourth quarter valued at $32,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in O-I Glass by 36,533.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,198 shares of the industrial products company's stock valued at $32,000 after buying an additional 2,192 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company's stock.

O-I Glass Stock Performance

The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -6.31, a PEG ratio of 1.11 and a beta of 0.62. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.26 and a quick ratio of 0.73. The stock has a 50 day simple moving average of $9.07 and a two-hundred day simple moving average of $11.19.

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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