O-I Glass (NYSE:OI) Sets New 12-Month Low - Here's Why

Key Points

• O-I Glass shares fell to a new 52-week low of $5.65, with the stock trading below both its 50-day and 200-day moving averages.
• The company reported quarterly EPS of $0.09, missing the $0.24 consensus estimate, while revenue declined 2.2% year over year to $1.67 billion and net margin remained negative.
• Analyst sentiment is mixed: the stock has an overall “Hold” rating and an average price target of $10.31, despite some recent upgrades and downgrades.

Shares of O-I Glass, Inc. (NYSE:OI - Get Free Report) hit a new 52-week low during trading on Monday. The company traded as low as $5.65 and last traded at $5.7170, with a volume of 169734 shares traded. The stock had previously closed at $5.86.

Analyst Ratings Changes

Several research firms have recently weighed in on OI. Truist Financial dropped their price target on shares of O-I Glass from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Citigroup raised O-I Glass from a "neutral" rating to a "buy" rating and raised their target price for the stock from $8.00 to $9.00 in a research note on Friday, August 21st. 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. Robert W. Baird set a $13.00 price target on O-I Glass in a research note on Thursday, July 30th. Finally, Royal Bank Of Canada cut O-I Glass from an "outperform" rating to a "sector perform" rating and lowered their price target for the stock from $10.00 to $8.00 in a report on Thursday, August 13th. 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 data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $10.31.

O-I Glass Stock Down 1.3%

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 business has a 50 day simple moving average of $7.14 and a 200 day simple moving average of $8.76. The company has a market capitalization of $888.92 million, a price-to-earnings ratio of -0.77, a PEG ratio of 2.08 and a beta of 0.66.

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

Hedge Funds Weigh In On O-I Glass

Institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC acquired a new stake in shares of O-I Glass during the second quarter worth about $139,000. IPG Investment Advisors LLC grew its holdings in shares of O-I Glass by 4.7% in the second quarter. IPG Investment Advisors LLC now owns 548,063 shares of the industrial products company's stock valued at $5,278,000 after purchasing an additional 24,705 shares in the last quarter. Waverly Advisors LLC acquired a new position in shares of O-I Glass in the second quarter valued at approximately $135,000. Corient Private Wealth LP purchased a new stake in O-I Glass during the 2nd quarter worth approximately $254,000. Finally, Amundi increased its stake in O-I Glass by 5.3% during the 2nd quarter. Amundi now owns 178,649 shares of the industrial products company's stock worth $1,721,000 after buying an additional 8,921 shares during the period. 97.24% of the stock is owned by institutional investors and hedge funds.

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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