O-I Glass (NYSE:OI) Hits New 1-Year Low - Here's Why

Key Points

• O-I Glass shares hit a new 52-week low of $6.04, continuing to trade below their 50-day and 200-day moving averages amid investor concerns.
• Analysts have broadly reduced their price targets and ratings; the stock has a consensus “Hold” rating with an average target of $10.31, though four analysts still rate it a Buy.
• The company’s latest quarterly results fell short of expectations, with EPS of $0.09 versus $0.24 expected and revenue down 2.2% year over year; O-I Glass also reported a negative net margin of 18.13%.

O-I Glass, Inc. (NYSE:OI - Get Free Report) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $6.04 and last traded at $6.08, with a volume of 3412163 shares traded. The stock had previously closed at $6.07.

Analysts Set New Price Targets

Several analysts have weighed in on OI shares. Weiss Ratings downgraded O-I Glass from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, September 16th. Bank of America restated an "underperform" rating and issued a $11.00 target price on shares of O-I Glass in a report on Tuesday, July 14th. Truist Financial decreased their target price on shares of O-I Glass from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Royal Bank Of Canada lowered shares of O-I Glass from an "outperform" rating to a "sector perform" rating and lowered their price target for the company from $10.00 to $8.00 in a report on Thursday, August 13th. Finally, UBS Group cut their price target on shares of O-I Glass from $15.00 to $11.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $10.31.

O-I Glass Stock Up 0.2%

The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.77. The stock has a market capitalization of $934.25 million, a PE ratio of -0.81, a PEG ratio of 2.16 and a beta of 0.66. The company has a 50 day moving average price of $7.39 and a 200-day moving average price of $8.92.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.15). The business had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.68 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The business's revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 EPS. As a group, analysts forecast that O-I Glass, Inc. will post 0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

A number of large investors have recently modified their holdings of the stock. Brandywine Global Investment Management LLC purchased a new stake in O-I Glass in the fourth quarter worth about $25,064,000. JB Capital Partners LP purchased a new position in shares of O-I Glass during the 2nd quarter worth approximately $2,937,150. BlackRock Inc. bought a new position in shares of O-I Glass in the 2nd quarter worth approximately $225,727,000. Bank of America Corp DE lifted its stake in shares of O-I Glass by 15.6% in the 1st quarter. Bank of America Corp DE now owns 3,563,497 shares of the industrial products company's stock valued at $37,452,000 after purchasing an additional 479,608 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of 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. Institutional investors own 97.24% of the company's stock.

About O-I Glass

O-I Glass, Inc NYSE: OI is a global manufacturer of glass packaging. The company produces bottles and jars primarily for the food, beverage, beer, wine, spirits, and nonalcoholic beverage industries, as well as containers for certain pharmaceutical and other consumer products.

O-I Glass provides packaging solutions that include container design, lightweighting, glass decoration, and related technical services. Its products are made from glass, a material that can be recycled repeatedly without loss of quality, supporting the company's focus on recyclable and more sustainable packaging.

The company traces its history to the Owens Bottle Company, founded in 1903, and later became known as Owens-Illinois before adopting the O-I Glass name.

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