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

Key Points

• O-I Glass shares hit a new 52-week low, trading as low as $6.26, well below their 50-day and 200-day moving averages of $7.66 and $9.12, respectively.
• The company’s latest quarterly results weighed on sentiment: adjusted EPS came in at $0.09 versus $0.24 expected, while revenue fell 2.2% year over year to $1.67 billion.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $10.31; meanwhile, institutional investors own 97.24% of the stock.

Shares of O-I Glass, Inc. (NYSE:OI - Get Free Report) reached a new 52-week low on Wednesday . The stock traded as low as $6.26 and last traded at $6.2850, with a volume of 559565 shares traded. The stock had previously closed at $6.34.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Citigroup raised O-I Glass from a "neutral" rating to a "buy" rating and raised their target price for the company from $8.00 to $9.00 in a research report on Friday, August 21st. BNP Paribas Exane downgraded shares of O-I Glass from an "outperform" rating to a "neutral" rating and set a $8.50 price target on the stock. in a report on Thursday, July 30th. Weiss Ratings upgraded shares of O-I Glass from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, August 14th. Truist Financial lowered their price objective on shares of O-I Glass from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Finally, Royal Bank Of Canada cut shares of O-I Glass from an "outperform" rating to a "sector perform" rating and dropped their target price for the company from $10.00 to $8.00 in a research note on Thursday, August 13th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $10.31.

O-I Glass Price Performance

The firm's 50 day moving average price is $7.66 and its two-hundred day moving average price is $9.12. 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 cap of $967.44 million, a PE ratio of -0.84, a P/E/G ratio of 2.28 and a beta of 0.66.

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). O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The business had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the previous year, the company posted $0.53 earnings per share. The business's quarterly revenue was down 2.2% compared to the same quarter last year. On average, research analysts expect that O-I Glass, Inc. will post 0.39 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

Large investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in O-I Glass in the 2nd quarter worth about $225,727,000. Bank of America Corp DE purchased a new position in shares of O-I Glass during the second quarter worth about $33,436,000. Cooper Creek Partners Management LLC increased its position in shares of O-I Glass by 73.8% in the first quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company's stock worth $73,636,000 after purchasing an additional 2,975,181 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in O-I Glass in the second quarter valued at approximately $19,260,000. Finally, Brandywine Global Investment Management LLC bought a new position in shares of O-I Glass in the 4th quarter worth $25,064,000. 97.24% of the stock is owned by institutional investors.

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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