O-I Glass (NYSE:OI) Shares Climb 8.7% - What's Next?

Key Points

• O-I Glass shares jumped 8.7% to approximately $6.57, though trading volume was 32% below the stock’s average daily level.
• Analyst sentiment remains mixed: Citigroup upgraded the stock to “buy” with a $9 target, while other firms cut targets or maintained neutral ratings. The consensus rating is “Hold,” with an average price target of $9.06.
• The company recently missed quarterly earnings expectations, reporting $0.09 EPS versus the $0.24 consensus, while revenue declined 2.2% year over year to $1.67 billion. Institutional investors own 97.24% of the shares.

O-I Glass, Inc. (NYSE:OI - Get Free Report) was up 8.7% on Thursday. The stock traded as high as $6.49 and last traded at $6.5650. 1,940,896 shares changed hands during trading, a decline of 32% from the average daily volume of 2,839,687 shares. The stock had previously closed at $6.04.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Citigroup raised shares of O-I Glass from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $8.00 to $9.00 in a report on Friday, August 21st. Wells Fargo & Company lowered their price objective on shares of O-I Glass from $12.00 to $10.00 and set an "overweight" rating on the stock in a research note on Monday. BNP Paribas Exane downgraded shares of O-I Glass from an "outperform" rating to a "neutral" rating and set a $8.50 price objective on the stock. in a research report on Thursday, July 30th. Royal Bank Of Canada dropped their price target on O-I Glass from $8.00 to $7.00 and set a "sector perform" rating for the company in a research note on Tuesday, October 13th. Finally, Zacks Research upgraded shares of O-I Glass from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $9.06.

O-I Glass Stock Up 5.8%

The business has a 50-day moving average price of $6.38 and a 200-day moving average price of $8.16. The firm has a market cap of $982.04 million, a P/E ratio of -0.85, a P/E/G ratio of 2.27 and a beta of 0.68. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 8.89.

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 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 during the quarter, compared to analysts' expectations of $1.68 billion. During the same quarter in the prior year, the business posted $0.53 earnings per share. The company's revenue was down 2.2% compared to the same quarter last year. On average, equities analysts forecast that O-I Glass, Inc. will post 0.36 EPS for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of O-I Glass during the 2nd quarter valued at about $225,727,000. Dimensional Fund Advisors LP increased its stake in O-I Glass by 8.6% during the first quarter. Dimensional Fund Advisors LP now owns 9,238,635 shares of the industrial products company's stock worth $97,094,000 after purchasing an additional 729,191 shares during the period. Cooper Creek Partners Management LLC boosted its position in O-I Glass by 73.8% in the 1st 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 buying an additional 2,975,181 shares during the period. Arrowstreet Capital Limited Partnership grew 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 worth $44,629,000 after buying an additional 1,030,705 shares in the last quarter. Finally, Bank of America Corp DE increased its position 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 last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Company Profile

O-I Glass, Inc is a global manufacturer of glass packaging products. The company produces glass bottles and jars primarily for the food, beverage, beer, wine, spirits, and pharmaceutical industries, serving brand owners and consumer-products companies.

Its products are designed to provide packaging, preservation, and presentation for a range of consumer goods. O-I also offers glass packaging in various shapes, sizes, and colors, including custom solutions developed for individual brands.

The company traces its history to the Owens Bottle Company, founded in 1903, and the Illinois Glass Company.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.