Wells Fargo & Company Cuts O-I Glass (NYSE:OI) Price Target to $14.00

Key Points

• Wells Fargo & Company reduced its price target for O-I Glass from $15.00 to $14.00, maintaining an "equal weight" rating on the stock, indicating a potential upside of 9.39% from its previous close.
• The stock is currently rated as a "Moderate Buy" by analysts, with an average price target of $17.00 based on various equity research reports.
• O-I Glass reported a 0.2% decline in stock price on Monday, trading at $12.80, with a 52-week range between $9.23 and $16.04.

O-I Glass (NYSE:OI - Get Free Report) had its price target decreased by equities researchers at Wells Fargo & Company from $15.00 to $14.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the industrial products company's stock. Wells Fargo & Company's price objective indicates a potential upside of 9.39% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. Wall Street Zen raised shares of O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. BNP Paribas Exane initiated coverage on O-I Glass in a research report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 price target for the company. Truist Financial set a $21.00 price target on O-I Glass and gave the stock a "buy" rating in a report on Friday, July 11th. BNP Paribas set a $18.00 price objective on O-I Glass in a research note on Wednesday, June 25th. Finally, Bank of America reaffirmed a "neutral" rating and set a $17.00 target price (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

O-I Glass Stock Down 0.2%

OI traded down $0.03 during trading on Monday, hitting $12.80. 394,320 shares of the company's stock were exchanged, compared to its average volume of 1,558,497. O-I Glass has a fifty-two week low of $9.23 and a fifty-two week high of $16.04. The stock has a market cap of $1.97 billion, a P/E ratio of -7.75, a PEG ratio of 0.25 and a beta of 0.92. The business's 50 day moving average is $14.24 and its two-hundred day moving average is $12.61. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58.

O-I Glass (NYSE:OI - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.41 by $0.12. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 9.88%. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the previous year, the firm posted $0.44 earnings per share. The firm's revenue for the quarter was down 1.3% on a year-over-year basis. As a group, equities analysts expect that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Cooper Creek Partners Management LLC grew its stake in O-I Glass by 18.2% in the 4th quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company's stock valued at $120,132,000 after buying an additional 1,705,216 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of O-I Glass by 251.7% in the fourth quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company's stock worth $15,806,000 after acquiring an additional 1,043,570 shares during the period. Mesirow Institutional Investment Management Inc. purchased a new position in shares of O-I Glass in the fourth quarter valued at $10,885,000. MetLife Investment Management LLC raised its stake in shares of O-I Glass by 1,043.3% during the 1st quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company's stock valued at $12,328,000 after purchasing an additional 980,758 shares during the period. Finally, Nuveen LLC purchased a new stake in O-I Glass during the 1st quarter worth about $10,738,000. 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.

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