O-I Glass (NYSE:OI) Hits New 52-Week High on Analyst Upgrade

Shares of O-I Glass, Inc. (NYSE:OI - Get Free Report) reached a new 52-week high on Monday after Citigroup raised their price target on the stock from $11.00 to $14.00. Citigroup currently has a neutral rating on the stock. O-I Glass traded as high as $14.50 and last traded at $14.10, with a volume of 1502 shares. The stock had previously closed at $13.44.

OI has been the topic of several other reports. Barclays increased their target price on shares of O-I Glass from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research note on Friday, May 2nd. Royal Bank of Canada reissued an "outperform" rating and issued a $16.00 price objective on shares of O-I Glass in a research note on Monday, March 17th. Finally, Truist Financial reaffirmed a "buy" rating and issued a $16.00 price objective (up previously from $13.00) on shares of O-I Glass in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $15.88.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its stake in shares of O-I Glass by 79.3% in the 1st quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock worth $30,000 after acquiring an additional 1,142 shares during the period. R Squared Ltd acquired a new position in O-I Glass during the 4th quarter worth approximately $45,000. Sterling Capital Management LLC increased its stake in shares of 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 valued at $53,000 after acquiring an additional 4,343 shares in the last quarter. KBC Group NV grew its position in shares of O-I Glass by 42.5% during the 4th quarter. KBC Group NV now owns 7,740 shares of the industrial products company's stock valued at $84,000 after acquiring an additional 2,309 shares during the period. Finally, New Age Alpha Advisors LLC bought a new stake in shares of O-I Glass during the 4th quarter worth $86,000. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Price Performance

The company has a quick ratio of 0.70, a current ratio of 1.15 and a debt-to-equity ratio of 3.78. The firm's 50-day moving average is $11.62 and its 200-day moving average is $11.55. The company has a market cap of $2.16 billion, a PE ratio of -19.85, a PEG ratio of 0.24 and a beta of 0.93.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.18 by $0.22. O-I Glass had a negative net margin of 1.62% and a positive return on equity of 8.27%. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The business's quarterly revenue was up .4% compared to the same quarter last year. On average, equities analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current year.

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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