O-I Glass (NYSE:OI) Trading Down 7% - Here's Why

Key Points

• O-I Glass shares fell 7% on Wednesday, trading as low as $9.22 amid unusually light volume, well below its average session volume.
• Analysts have been cutting price targets on the stock, with the consensus rating at Hold and an average price target of $15.14. Recent updates included lower targets from Citigroup and Wells Fargo.
• The company’s latest earnings showed a miss on EPS, reporting $0.05 versus the $0.09 estimate, even though revenue came in above expectations at $1.54 billion.

O-I Glass, Inc. (NYSE:OI - Get Free Report) shares dropped 7% on Wednesday . The company traded as low as $9.22 and last traded at $9.1780. Approximately 225,702 shares were traded during mid-day trading, a decline of 91% from the average session volume of 2,445,995 shares. The stock had previously closed at $9.87.

Analysts Set New Price Targets

OI has been the topic of several research analyst reports. Royal Bank Of Canada set a $14.00 price target on O-I Glass in a research report on Friday, April 17th. Truist Financial reaffirmed a "buy" rating and set a $14.00 target price (down from $15.00) on shares of O-I Glass in a research note on Thursday, April 30th. Citigroup dropped their price target on shares of O-I Glass from $12.00 to $10.00 and set a "neutral" rating on the stock in a research report on Monday, May 4th. Wells Fargo & Company lowered shares of O-I Glass from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $18.00 to $13.00 in a research report on Friday, March 20th. Finally, UBS Group lowered their price objective on shares of O-I Glass from $21.00 to $18.00 and set a "buy" rating on the stock in a research note on Friday, April 10th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, O-I Glass has an average rating of "Hold" and a consensus price target of $15.14.

O-I Glass Stock Down 4.1%

The business has a 50-day moving average price of $9.03 and a 200-day moving average price of $11.80. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of -7.76, a price-to-earnings-growth ratio of 1.15 and a beta of 0.62. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 3.35.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The industrial products company reported $0.05 earnings per share for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). The company had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.47 billion. O-I Glass had a negative net margin of 2.91% and a positive return on equity of 13.65%. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.40 EPS. O-I Glass has set its FY 2026 guidance at 1.000-1.500 EPS. As a group, equities analysts anticipate that O-I Glass, Inc. will post 1.2 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Eduardo Restrepo purchased 3,309 shares of O-I Glass stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average price of $8.98 per share, for a total transaction of $29,714.82. Following the transaction, the senior vice president owned 94,199 shares in the company, valued at $845,907.02. The trade was a 3.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Randolph L. Burns acquired 11,000 shares of the stock in a transaction on Friday, May 8th. The shares were purchased at an average price of $9.32 per share, for a total transaction of $102,520.00. Following the completion of the transaction, the senior vice president owned 133,932 shares in the company, valued at approximately $1,248,246.24. This represents a 8.95% increase in their position. The SEC filing for this purchase provides additional information. Insiders have bought 17,083 shares of company stock worth $157,312 over the last 90 days. 1.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On O-I Glass

Several hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in shares of O-I Glass by 8.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,238,635 shares of the industrial products company's stock valued at $97,094,000 after purchasing an additional 729,191 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of O-I Glass by 0.7% during the third quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company's stock worth $103,718,000 after purchasing an additional 56,945 shares during the period. Cooper Creek Partners Management LLC grew its position in O-I Glass by 73.8% during the first quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company's stock valued at $73,636,000 after purchasing an additional 2,975,181 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in O-I Glass by 32.1% during 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 in the last quarter. Finally, Geode Capital Management LLC increased its stake in O-I Glass by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 3,783,387 shares of the industrial products company's stock valued at $55,852,000 after buying an additional 22,430 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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