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

O-I Glass, Inc. (NYSE:OI - Get Free Report) gapped up prior to trading 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 changing hands.

The industrial products company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.22. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate 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 was up .4% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS.

Analysts Set New Price Targets

OI has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of O-I Glass from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday. Bank of America upped their price target on shares of O-I Glass from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Wells Fargo & Company cut their price objective on shares of O-I Glass from $18.00 to $16.00 and set an "overweight" rating for the company in a research report on Monday, January 6th. Truist Financial restated a "buy" rating and set a $16.00 price objective (up previously from $13.00) on shares of O-I Glass in a report on Thursday. Finally, Citigroup dropped their price target on O-I Glass from $12.00 to $11.00 and set a "neutral" rating for the company in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $15.50.

Hedge Funds Weigh In On O-I Glass

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OI. JPMorgan Chase & Co. increased its position in shares of O-I Glass by 18.0% in the third quarter. JPMorgan Chase & Co. now owns 619,643 shares of the industrial products company's stock worth $8,130,000 after purchasing an additional 94,671 shares during the period. Sei Investments Co. boosted its position in shares of O-I Glass by 112.8% during the 4th quarter. Sei Investments Co. now owns 93,174 shares of the industrial products company's stock worth $1,010,000 after acquiring an additional 49,383 shares in the last quarter. Victory Capital Management Inc. increased its stake in O-I Glass by 57.1% in the fourth quarter. Victory Capital Management Inc. now owns 139,302 shares of the industrial products company's stock valued at $1,510,000 after acquiring an additional 50,641 shares during the last quarter. Barclays PLC increased its stake in O-I Glass by 349.3% in the third quarter. Barclays PLC now owns 261,161 shares of the industrial products company's stock valued at $3,427,000 after acquiring an additional 203,037 shares during the last quarter. Finally, Amundi raised its position in O-I Glass by 212.9% during the fourth quarter. Amundi now owns 95,302 shares of the industrial products company's stock valued at $996,000 after purchasing an additional 64,844 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

O-I Glass Stock Up 3.4 %

The firm has a 50 day simple moving average of $11.42 and a two-hundred day simple moving average of $11.54. 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 stock has a market capitalization of $2.05 billion, a P/E ratio of -18.66, a PEG ratio of 0.24 and a beta of 0.93.

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.