O-I Glass (NYSE:OI) Shares Gap Up - What's Next?

Key Points

• O-I Glass shares jumped 11.4%, opening at $6.82 after closing at $6.38 and later trading at $7.17.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $10.31; recent firms have lowered targets while maintaining some Buy ratings.
• The company reported quarterly EPS of $0.09, missing the $0.24 consensus estimate, while revenue fell 2.2% year over year to $1.67 billion. Institutional investors own 97.24% of the stock, though O-I carries substantial leverage with a debt-to-equity ratio of 8.89.

O-I Glass, Inc. (NYSE:OI - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $6.38, but opened at $6.82. O-I Glass shares last traded at $7.17, with a volume of 570,409 shares traded.

Analyst Upgrades and Downgrades

OI has been the topic of a number of recent research reports. BNP Paribas Exane downgraded O-I Glass from an "outperform" rating to a "neutral" rating and set a $8.50 target price on the stock. in a research report on Thursday, July 30th. Truist Financial decreased their price objective on O-I Glass from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Weiss Ratings raised O-I Glass from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 14th. Zacks Research raised shares of O-I Glass from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Finally, UBS Group dropped their price objective on shares of 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. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, O-I Glass presently has a consensus rating of "Hold" and a consensus target price of $10.31.

O-I Glass Stock Up 11.4%

The business has a 50-day simple moving average of $8.54 and a two-hundred day simple moving average of $10.18. The stock has a market capitalization of $1.09 billion, a P/E ratio of -0.95, a PEG ratio of 2.14 and a beta of 0.66. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 8.89.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the previous year, the business posted $0.53 earnings per share. The firm's revenue was down 2.2% compared to the same quarter last year. Equities research analysts forecast that O-I Glass, Inc. will post 0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Royal Bank of Canada increased its stake in shares of O-I Glass by 33.9% in the first quarter. Royal Bank of Canada now owns 112,800 shares of the industrial products company's stock valued at $1,294,000 after buying an additional 28,548 shares in the last quarter. AQR Capital Management LLC increased its position in O-I Glass by 154.0% in the 1st quarter. AQR Capital Management LLC now owns 177,117 shares of the industrial products company's stock valued at $1,993,000 after acquiring an additional 107,388 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of O-I Glass by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,151 shares of the industrial products company's stock worth $1,057,000 after acquiring an additional 4,055 shares during the last quarter. United Services Automobile Association bought a new position in shares of O-I Glass in the first quarter worth about $119,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of O-I Glass by 43.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 526,279 shares of the industrial products company's stock worth $6,036,000 after purchasing an additional 160,649 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

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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