O-I Glass (NYSE:OI) Sets New 1-Year Low - Here's Why

Key Points

• O-I Glass shares fell to a new 52-week low of $6.71, down from the previous close of $7.15, amid continued weakness in the stock.
• The company reported quarterly EPS of $0.09, missing analyst expectations of $0.24, while revenue declined 2.2% year over year to $1.67 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $10.19; recent firms have lowered targets or downgraded the stock, reflecting ongoing concerns about performance and leverage.

O-I Glass, Inc. (NYSE:OI - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $6.71 and last traded at $6.73, with a volume of 3040802 shares changing hands. The stock had previously closed at $7.15.

Analysts Set New Price Targets

A number of analysts have commented on OI shares. Bank of America reaffirmed an "underperform" rating and set a $11.00 target price on shares of O-I Glass in a report on Tuesday, July 14th. Robert W. Baird set a $13.00 target price on shares of O-I Glass in a research note on Thursday, July 30th. Royal Bank Of Canada cut O-I Glass from an "outperform" rating to a "sector perform" rating and set a $8.00 price objective on the stock. in a report on Thursday. Truist Financial lowered their price target on shares of O-I Glass from $13.00 to $10.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, Zacks Research raised O-I Glass from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $10.19.

O-I Glass Price Performance

The company has a debt-to-equity ratio of 8.89, a quick ratio of 0.77 and a current ratio of 1.26. The company has a market capitalization of $1.03 billion, a P/E ratio of -0.89, a P/E/G ratio of 1.40 and a beta of 0.66. The firm's fifty day moving average is $8.74 and its 200 day moving average is $10.55.

O-I Glass (NYSE:OI - Get Free Report) last announced its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The business had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter last year, the firm earned $0.53 EPS. The firm's quarterly revenue was down 2.2% on a year-over-year basis. As a group, analysts predict that O-I Glass, Inc. will post 0.7 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

A number of large investors have recently made changes to their positions in OI. BlackRock Inc. purchased a new stake in shares of O-I Glass in the second quarter valued at approximately $225,727,000. Dimensional Fund Advisors LP increased its holdings in O-I Glass by 8.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,238,635 shares of the industrial products company's stock worth $97,094,000 after purchasing an additional 729,191 shares during the period. Alliancebernstein L.P. increased its holdings in O-I Glass by 0.7% during the 3rd quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company's stock worth $103,718,000 after purchasing an additional 56,945 shares during the period. Cooper Creek Partners Management LLC raised its position in O-I Glass by 73.8% during the 1st quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company's stock valued at $73,636,000 after purchasing an additional 2,975,181 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in O-I Glass by 32.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,246,337 shares of the industrial products company's stock valued at $44,629,000 after purchasing an additional 1,030,705 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source