Truist Financial Has Lowered Expectations for O-I Glass (NYSE:OI) Stock Price

Key Points

• Truist Financial has reduced its price target for O-I Glass from $21.00 to $17.00, while maintaining a "buy" rating, indicating a potential upside of 46.94% from the current stock price.
• Weiss Ratings has given O-I Glass a "sell (d-)" rating, while Zacks Research downgraded it from "strong-buy" to "hold," reflecting a more cautious outlook from multiple analysts.
• Recent insider activity included CEO Gordon Hardie purchasing 8,000 shares at an average price of $13.10, signaling confidence in the company's future despite current trading challenges.

O-I Glass (NYSE:OI - Get Free Report) had its price objective lowered by equities research analysts at Truist Financial from $21.00 to $17.00 in a report issued on Monday,Benzinga reports. The firm presently has a "buy" rating on the industrial products company's stock. Truist Financial's price target indicates a potential upside of 46.94% from the stock's current price.

Several other research analysts also recently commented on OI. Weiss Ratings reissued a "sell (d-)" rating on shares of O-I Glass in a report on Wednesday, October 8th. Zacks Research downgraded shares of O-I Glass from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 25th. Bank of America reaffirmed a "neutral" rating and issued a $17.00 price target (up previously from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. BNP Paribas Exane began coverage on shares of O-I Glass in a report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price target for the company. Finally, Citigroup increased their price target on shares of O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, O-I Glass has an average rating of "Moderate Buy" and an average price target of $16.56.

O-I Glass Price Performance

O-I Glass stock traded down $0.06 during mid-day trading on Monday, hitting $11.57. The stock had a trading volume of 127,341 shares, compared to its average volume of 1,520,222. The firm has a market capitalization of $1.78 billion, a P/E ratio of -7.01, a P/E/G ratio of 0.22 and a beta of 0.93. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The firm's 50 day moving average is $12.94 and its 200 day moving average is $13.11. O-I Glass has a one year low of $9.23 and a one year high of $16.04.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings data on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The business had revenue of $1.59 billion during the quarter. On average, sell-side analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Insider Activity at O-I Glass

In other news, CEO Gordon Hardie bought 8,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was bought at an average cost of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the purchase, the chief executive officer directly owned 515,817 shares in the company, valued at approximately $6,757,202.70. The trade was a 1.58% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Darrow A. Abrahams acquired 3,828 shares of the stock in a transaction dated Tuesday, August 5th. The shares were bought at an average price of $13.05 per share, with a total value of $49,955.40. Following the completion of the purchase, the senior vice president directly owned 184,447 shares of the company's stock, valued at approximately $2,407,033.35. This trade represents a 2.12% increase in their position. The disclosure for this purchase can be found here. 0.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in OI. Headlands Technologies LLC purchased a new stake in shares of O-I Glass during the second quarter worth about $29,000. State of Wyoming purchased a new stake in shares of O-I Glass during the second quarter worth about $35,000. Smartleaf Asset Management LLC increased its stake in shares of O-I Glass by 64.1% during the second quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company's stock worth $35,000 after purchasing an additional 918 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock worth $30,000 after purchasing an additional 1,142 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in shares of O-I Glass during the first quarter worth about $30,000. Hedge funds and other institutional investors own 97.24% of the company's stock.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.