Wells Fargo & Company Downgrades O-I Glass (NYSE:OI) to Equal Weight

O-I Glass (NYSE:OI - Get Free Report) was downgraded by equities research analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a note issued to investors on Friday,Finviz reports. They currently have a $15.00 price target on the industrial products company's stock. Wells Fargo & Company's price objective would indicate a potential upside of 3.13% from the stock's current price.

Several other research analysts have also issued reports on OI. BNP Paribas set a $18.00 target price on O-I Glass in a research report on Wednesday, June 25th. Wall Street Zen raised shares of O-I Glass from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. Bank of America reissued a "neutral" rating and issued a $17.00 target price (up previously from $15.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a report on Friday, July 11th. Finally, UBS Group reissued a "buy" rating and issued a $19.00 target price (up previously from $17.00) 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, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, O-I Glass presently has an average rating of "Moderate Buy" and an average price target of $17.20.

O-I Glass Price Performance

NYSE OI opened at $14.55 on Friday. O-I Glass has a twelve month low of $9.23 and a twelve month high of $16.04. The company has a debt-to-equity ratio of 3.83, a quick ratio of 0.73 and a current ratio of 1.24. The stock has a market capitalization of $2.25 billion, a PE ratio of -11.54, a P/E/G ratio of 0.29 and a beta of 0.97. The stock has a 50-day simple moving average of $14.12 and a 200 day simple moving average of $12.32.

O-I Glass (NYSE:OI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.22. O-I Glass had a positive return on equity of 8.48% and a negative net margin of 2.98%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the prior year, the business earned $0.45 EPS. The business's revenue for the quarter was up .4% compared to the same quarter last year. Research analysts anticipate that O-I Glass will post 1.33 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OI. GAMMA Investing LLC grew its position in O-I Glass by 79.3% in the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock worth $30,000 after acquiring an additional 1,142 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in O-I Glass during the 1st quarter worth approximately $30,000. Sterling Capital Management LLC lifted its position in shares of O-I Glass by 807.2% in the fourth quarter. Sterling Capital Management LLC now owns 4,881 shares of the industrial products company's stock worth $53,000 after purchasing an additional 4,343 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in O-I Glass during the first quarter worth $85,000. Finally, New Age Alpha Advisors LLC acquired a new position in shares of O-I Glass in the fourth quarter valued at $86,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

About O-I Glass

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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