O-I Glass (NYSE:OI) Shares Gap Up on Earnings Beat

O-I Glass, Inc. (NYSE:OI - Get Free Report) gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $12.15, but opened at $12.70. O-I Glass shares last traded at $12.64, with a volume of 190,574 shares.

The industrial products company reported $0.40 EPS for the quarter, topping analysts' consensus estimates of $0.18 by $0.22. The company had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.55 billion. O-I Glass had a negative net margin of 1.62% and a positive return on equity of 8.27%. O-I Glass's revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the business earned $0.45 EPS.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Truist Financial restated a "buy" rating and issued a $16.00 price objective (up from $13.00) on shares of O-I Glass in a report on Thursday. Royal Bank of Canada restated an "outperform" rating and issued a $16.00 price target on shares of O-I Glass in a research note on Monday, March 17th. Bank of America increased their price objective on O-I Glass from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Barclays lifted their price objective on O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday. Finally, Citigroup cut their price target on shares of O-I Glass from $12.00 to $11.00 and set a "neutral" rating on the stock in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, O-I Glass currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.50.

Institutional Investors Weigh In On O-I Glass

Institutional investors have recently added to or reduced their stakes in the business. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of O-I Glass by 2.2% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 42,900 shares of the industrial products company's stock worth $465,000 after acquiring an additional 916 shares in the last quarter. GAMMA Investing LLC boosted its position in O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock valued at $30,000 after buying an additional 1,142 shares during the period. SummerHaven Investment Management LLC grew its stake in shares of O-I Glass by 1.6% in the first quarter. SummerHaven Investment Management LLC now owns 75,226 shares of the industrial products company's stock worth $863,000 after purchasing an additional 1,204 shares during the last quarter. Baird Financial Group Inc. boosted its position in O-I Glass by 9.6% during the 4th quarter. Baird Financial Group Inc. now owns 16,152 shares of the industrial products company's stock valued at $175,000 after acquiring an additional 1,410 shares in the last quarter. Finally, Corient Private Wealth LLC raised its stake in O-I Glass by 13.4% during the fourth quarter. Corient Private Wealth LLC now owns 16,544 shares of the industrial products company's stock valued at $179,000 after buying an additional 1,954 shares during the last quarter. 97.24% of the stock is owned by institutional investors.

O-I Glass Stock Performance

The stock has a market capitalization of $2.05 billion, a P/E ratio of -18.68, a P/E/G ratio of 0.24 and a beta of 0.93. 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 business has a fifty day moving average price of $11.42 and a 200-day moving average price of $11.53.

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.