O-I Glass (NYSE:OI) Sets New 52-Week Low - Here's Why

Key Points

• O-I Glass fell to a new 52-week low of $7.01, well below its 50-day moving average of $8.85 and 200-day average of $10.78.
• The decline followed weak quarterly results: earnings per share came in at $0.09 versus $0.24 expected, while revenue fell 2.2% year over year to $1.67 billion.
• Analyst sentiment is mixed, with an average rating of “Hold” and a $10.56 price target; however, the company carries substantial leverage, including a debt-to-equity ratio of 8.89.

O-I Glass, Inc. (NYSE:OI - Get Free Report) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $7.01 and last traded at $7.0390, with a volume of 2869648 shares changing hands. The stock had previously closed at $7.10.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OI shares. Truist Financial lowered their target price on shares of O-I Glass from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. UBS Group cut their price target on O-I Glass from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Bank of America reissued an "underperform" rating and set a $11.00 price objective on shares of O-I Glass in a report on Tuesday, July 14th. Zacks Research raised O-I Glass from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Finally, BNP Paribas Exane lowered O-I Glass from an "outperform" rating to a "neutral" rating and set a $8.50 target price on the stock. in a report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, O-I Glass currently has an average rating of "Hold" and an average price target of $10.56.

O-I Glass Stock Performance

The company's fifty day moving average price is $8.85 and its 200 day moving average price is $10.78. The company has a market cap of $1.08 billion, a PE ratio of -0.94, a P/E/G ratio of 1.46 and a beta of 0.66. The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.77.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm 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 posted $0.53 earnings per share. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year. On average, equities research analysts predict that O-I Glass, Inc. will post 0.7 earnings per share for the current year.

Insider Activity at O-I Glass

In other O-I Glass news, SVP Darrow A. Abrahams purchased 2,774 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of $9.04 per share, with a total value of $25,076.96. Following the completion of the transaction, the senior vice president owned 235,928 shares of the company's stock, valued at $2,132,789.12. The trade was a 1.19% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Eduardo Restrepo acquired 3,309 shares of the business's stock in a transaction on Thursday, May 14th. The stock was acquired at an average cost of $8.98 per share, for a total transaction of $29,714.82. Following the transaction, the senior vice president owned 94,199 shares of the company's stock, valued at approximately $845,907.02. The trade was a 3.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On O-I Glass

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brandywine Global Investment Management LLC purchased a new stake in shares of O-I Glass during the 4th quarter worth approximately $25,064,000. LSV Asset Management raised its holdings in shares of O-I Glass by 12.4% in the 4th quarter. LSV Asset Management now owns 1,801,844 shares of the industrial products company's stock worth $26,595,000 after purchasing an additional 199,366 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in O-I Glass by 32.1% in the first 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 during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. lifted its stake in O-I Glass by 42.1% in the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,026,525 shares of the industrial products company's stock valued at $29,912,000 after purchasing an additional 600,462 shares during the last quarter. Finally, MYDA Advisors LLC grew its holdings in O-I Glass by 318.0% during the fourth quarter. MYDA Advisors LLC now owns 292,620 shares of the industrial products company's stock valued at $4,319,000 after purchasing an additional 222,620 shares during the period. 97.24% of the stock is owned by hedge funds and other institutional investors.

About O-I Glass

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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