O-I Glass (NYSE:OI) Trading Down 8.7% - Here's What Happened

Key Points

• O-I Glass shares have decreased by 8.7%, trading as low as $13.15, following a previous close of $14.48, with a significant volume of 1,427,386 shares traded.
• Despite the drop in share price, several analysts maintain a positive outlook with ratings from "buy" to "outperform" and an average target price of $17.20.
• The company's latest quarterly earnings showed EPS of $0.53, beating estimates, although revenue decreased by 1.3% year-over-year.

O-I Glass, Inc. (NYSE:OI - Get Free Report)'s share price traded down 8.7% during mid-day trading on Wednesday . The stock traded as low as $13.15 and last traded at $13.23. 1,427,386 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 1,504,132 shares. The stock had previously closed at $14.48.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Truist Financial set a $21.00 price objective on shares of O-I Glass and gave the stock a "buy" rating in a research report on Friday, July 11th. Wells Fargo & Company lowered shares of O-I Glass from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $16.00 to $15.00 in a report on Friday, July 18th. Bank of America reaffirmed a "neutral" rating and set a $17.00 price target (up from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. Finally, Barclays raised their price target on shares of O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Four analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $17.20.

O-I Glass Stock Performance

The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of -7.87, a price-to-earnings-growth ratio of 0.26 and a beta of 0.97. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.73 and a current ratio of 1.24. The company's fifty day simple moving average is $14.25 and its two-hundred day simple moving average is $12.55.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.12. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.70 billion. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 9.88%. The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the business earned $0.44 EPS. Equities research analysts predict that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OI. American Century Companies Inc. boosted its holdings in shares of O-I Glass by 11.9% in the 4th quarter. American Century Companies Inc. now owns 293,814 shares of the industrial products company's stock valued at $3,185,000 after buying an additional 31,200 shares during the period. Sei Investments Co. boosted its holdings in shares of O-I Glass by 112.8% in the 4th quarter. Sei Investments Co. now owns 93,174 shares of the industrial products company's stock valued at $1,010,000 after buying an additional 49,383 shares during the period. KLP Kapitalforvaltning AS acquired a new position in shares of O-I Glass in the 4th quarter valued at about $353,000. JPMorgan Chase & Co. boosted its holdings in shares of O-I Glass by 34.5% in the 4th quarter. JPMorgan Chase & Co. now owns 833,620 shares of the industrial products company's stock valued at $9,036,000 after buying an additional 213,977 shares during the period. Finally, New Age Alpha Advisors LLC acquired a new position in shares of O-I Glass in the 4th quarter valued at about $86,000. 97.24% of the stock is owned by institutional investors and hedge funds.

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.