Truist Financial Lowers O-I Glass (NYSE:OI) Price Target to $10.00

Key Points

• Truist Financial lowered its O-I Glass price target to $10 from $13 while maintaining a “buy” rating, implying roughly 35% upside from the stock’s $7.38 price.
• Analyst sentiment is mixed: O-I Glass has a consensus “hold” rating and an average price target of $11.69, with four buy, three hold, and two sell ratings.
• The company’s latest quarterly results fell short of expectations, with EPS of $0.09 versus the $0.24 consensus and revenue down 2.2% year over year to $1.67 billion.

O-I Glass (NYSE:OI - Get Free Report) had its price objective reduced by Truist Financial from $13.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Truist Financial's price objective suggests a potential upside of 35.41% from the company's current price.

A number of other research analysts have also recently commented on OI. Robert W. Baird set a $13.00 price target on shares of O-I Glass in a research note on Thursday. Royal Bank Of Canada cut their target price on O-I Glass from $14.00 to $11.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. BNP Paribas Exane cut O-I Glass from an "outperform" rating to a "neutral" rating and set a $8.50 price target on the stock. in a research report on Thursday. UBS Group cut their price objective on O-I Glass from $21.00 to $18.00 and set a "buy" rating for the company in a report on Friday, April 10th. Finally, Weiss Ratings raised shares of O-I Glass from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, July 15th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $11.69.

O-I Glass Stock Performance

OI traded down $0.32 during trading on Thursday, reaching $7.38. 1,968,400 shares of the company's stock were exchanged, compared to its average volume of 2,650,616. O-I Glass has a fifty-two week low of $7.19 and a fifty-two week high of $16.91. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 3.35. The business has a 50 day moving average price of $9.05 and a 200 day moving average price of $11.13. The company has a market capitalization of $1.13 billion, a P/E ratio of -0.98, a PEG ratio of 1.09 and a beta of 0.62.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings data 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). The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.68 billion. O-I Glass had a negative net margin of 18.13% and a positive return on equity of 8.76%. The company's quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 EPS. As a group, analysts predict that O-I Glass will post 1.14 earnings per share for the current fiscal year.

Insider Transactions at O-I Glass

In other news, SVP Randolph L. Burns purchased 11,000 shares of the business's stock in a transaction dated Friday, May 8th. The shares were acquired at an average price of $9.32 per share, with a total value of $102,520.00. Following the completion of the purchase, the senior vice president directly owned 133,932 shares of the company's stock, valued at $1,248,246.24. The trade was a 8.95% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Darrow A. Abrahams acquired 2,774 shares of the company's stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average price of $9.04 per share, with a total value of $25,076.96. Following the acquisition, the senior vice president directly owned 235,928 shares of the company's stock, valued at $2,132,789.12. The trade was a 1.19% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have purchased 17,083 shares of company stock worth $157,312. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On O-I Glass

Several hedge funds have recently modified their holdings of OI. Dimensional Fund Advisors LP increased its stake in shares of O-I Glass by 8.6% in 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 in the last quarter. Alliancebernstein L.P. raised its holdings in O-I Glass by 0.7% during the 3rd quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company's stock valued at $103,718,000 after acquiring an additional 56,945 shares during the period. Cooper Creek Partners Management LLC lifted its position in shares of O-I Glass by 73.8% during 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 acquiring an additional 2,975,181 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of O-I Glass by 32.1% in 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. Finally, Geode Capital Management LLC raised its stake in shares of O-I Glass by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 3,783,387 shares of the industrial products company's stock valued at $55,852,000 after purchasing an additional 22,430 shares during the period. Institutional investors own 97.24% of the company's stock.

About O-I Glass

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.

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