Wells Fargo & Company Has Lowered Expectations for O-I Glass (NYSE:OI) Stock Price

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 - Free Report) had its target price lowered by Wells Fargo & Company from $15.00 to $14.00 in a research note released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the industrial products company's stock.

A number of other equities research analysts have also commented on OI. Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a research report on Friday, July 11th. Barclays increased their price target on O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Bank of America reissued a "neutral" rating and issued a $17.00 price target (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. UBS Group reissued a "buy" rating and issued a $19.00 price target (up from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Finally, Citigroup raised their target price on O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Thursday, July 3rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.00.

O-I Glass Stock Up 0.4%

Shares of NYSE:OI traded up $0.06 during trading on Monday, reaching $13.42. 1,251,910 shares of the stock were exchanged, compared to its average volume of 1,929,549. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77. O-I Glass has a 1-year low of $9.23 and a 1-year high of $16.04. The stock has a fifty day moving average of $14.24 and a two-hundred day moving average of $12.67. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of -8.13, a price-to-earnings-growth ratio of 0.26 and a beta of 0.92.

O-I Glass (NYSE:OI - Get Free Report) last issued its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.12. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same period in the prior year, the firm earned $0.44 earnings per share. O-I Glass's revenue for the quarter was down 1.3% on a year-over-year basis. Research analysts anticipate 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, SVP Darrow A. Abrahams purchased 3,828 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the completion of the transaction, the senior vice president directly owned 184,447 shares of the company's stock, valued at $2,407,033.35. This trade represents a 2.12% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gordon Hardie bought 8,000 shares of the company's 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 acquisition, the chief executive officer directly owned 515,817 shares of the company's stock, valued at approximately $6,757,202.70. This represents a 1.58% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.93% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Cooper Creek Partners Management LLC raised its stake in shares of O-I Glass by 18.2% in the fourth quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company's stock worth $120,132,000 after purchasing an additional 1,705,216 shares during the last quarter. FMR LLC raised its stake in shares of O-I Glass by 6.9% in the fourth quarter. FMR LLC now owns 10,054,398 shares of the industrial products company's stock worth $108,990,000 after purchasing an additional 647,237 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of O-I Glass by 9.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,449,472 shares of the industrial products company's stock worth $80,749,000 after purchasing an additional 617,460 shares during the last quarter. Levin Capital Strategies L.P. raised its stake in shares of O-I Glass by 6.0% in the first quarter. Levin Capital Strategies L.P. now owns 2,915,106 shares of the industrial products company's stock worth $33,436,000 after purchasing an additional 164,669 shares during the last quarter. Finally, Private Management Group Inc. increased its position in O-I Glass by 1.1% during the first quarter. Private Management Group Inc. now owns 2,868,100 shares of the industrial products company's stock valued at $32,897,000 after acquiring an additional 29,827 shares during the last quarter. 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.