O-I Glass (NYSE:OI) Price Target Cut to $12.00 by Analysts at Citigroup

Key Points

• Citigroup cut its price target on O-I Glass from $16.00 to $12.00 and kept a "neutral" rating, implying roughly a 10.6% upside from the prior close.
• Analyst views are mixed — MarketBeat shows a consensus "Hold" with an average target of $16.78, while individual ratings range from Strong Buy to Sell.
• Shares traded at $10.85 (up 0.8% intraday) with a $1.66B market cap; the company has a negative P/E and high leverage (debt/equity 3.35), and last quarter posted $0.20 EPS (beat) but slightly missed revenue expectations.

O-I Glass (NYSE:OI - Get Free Report) had its target price decreased by analysts at Citigroup from $16.00 to $12.00 in a report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the industrial products company's stock. Citigroup's target price would indicate a potential upside of 10.60% from the company's previous close.

A number of other analysts have also recently commented on OI. Wells Fargo & Company cut shares of O-I Glass from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $18.00 to $13.00 in a report on Friday, March 20th. Truist Financial lifted their price target on O-I Glass from $17.00 to $21.00 and gave the stock a "buy" rating in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of O-I Glass in a research report on Thursday, January 22nd. Zacks Research lowered O-I Glass from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 3rd. Finally, Robert W. Baird set a $20.00 price target on O-I Glass in a research report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, O-I Glass has a consensus rating of "Hold" and a consensus target price of $16.78.

O-I Glass Stock Up 0.8%

Shares of OI stock traded up $0.09 during mid-day trading on Monday, reaching $10.85. 529,517 shares of the company's stock traded hands, compared to its average volume of 2,109,436. O-I Glass has a 12 month low of $9.84 and a 12 month high of $16.91. The company has a market cap of $1.66 billion, a P/E ratio of -12.90, a P/E/G ratio of 0.88 and a beta of 0.84. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 3.35. The company's 50-day moving average price is $12.60 and its 200-day moving average price is $13.35.

O-I Glass (NYSE:OI - Get Free Report) last announced its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.19 by $0.01. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The firm had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same quarter in the previous year, the business posted ($0.05) EPS. The company's quarterly revenue was down 1.9% on a year-over-year basis. On average, equities analysts expect that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its stake in shares of O-I Glass by 87.6% during the 4th quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company's stock valued at $26,000 after acquiring an additional 830 shares during the period. Headlands Technologies LLC bought a new position in shares of O-I Glass during the 2nd quarter valued at approximately $29,000. Quarry LP bought a new position in shares of O-I Glass during the 4th quarter valued at approximately $32,000. Caitong International Asset Management Co. Ltd grew its stake in shares of O-I Glass by 36,533.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,198 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 2,192 shares during the period. Finally, State of Wyoming bought a new position in shares of O-I Glass during the 2nd quarter valued at approximately $35,000. 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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