Zacks Research Research Analysts Cut Earnings Estimates for O-I Glass, Inc. (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) – Equities research analysts at Zacks Research cut their Q1 2024 earnings per share (EPS) estimates for O-I Glass in a research report issued to clients and investors on Tuesday, April 16th. Zacks Research analyst M. Das now forecasts that the industrial products company will earn $0.34 per share for the quarter, down from their prior estimate of $0.35. The consensus estimate for O-I Glass’ current full-year earnings is $2.38 per share. Zacks Research also issued estimates for O-I Glass’ Q2 2024 earnings at $0.75 EPS, Q3 2024 earnings at $0.84 EPS, Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $2.40 EPS, Q1 2025 earnings at $0.51 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.69 EPS and FY2025 earnings at $2.66 EPS.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The company had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter last year, the firm posted $0.38 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis.

OI has been the subject of several other research reports. UBS Group began coverage on O-I Glass in a research report on Tuesday, January 16th. They set a “buy” rating and a $26.00 price objective for the company. Truist Financial reissued a “buy” rating and set a $20.00 price objective on shares of O-I Glass in a research report on Monday, March 25th. Barclays raised their price target on O-I Glass from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, February 13th. Citigroup downgraded O-I Glass from a “buy” rating to a “neutral” rating and raised their price target for the company from $17.00 to $18.00 in a report on Wednesday, January 3rd. Finally, TheStreet downgraded O-I Glass from a “b-” rating to a “c-” rating in a report on Tuesday, February 6th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, O-I Glass currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

O-I Glass Stock Performance

Shares of OI stock opened at $15.09 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 2.69. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of -20.12, a PEG ratio of 1.05 and a beta of 1.35. The stock has a fifty day moving average of $16.19 and a 200 day moving average of $15.66. O-I Glass has a 52 week low of $13.56 and a 52 week high of $23.57.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of O-I Glass by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 19,597,610 shares of the industrial products company’s stock valued at $253,789,000 after buying an additional 291,640 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in O-I Glass by 12.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock worth $108,358,000 after purchasing an additional 728,493 shares in the last quarter. State Street Corp lifted its holdings in O-I Glass by 0.9% in the 3rd quarter. State Street Corp now owns 5,841,163 shares of the industrial products company’s stock worth $75,643,000 after purchasing an additional 54,511 shares in the last quarter. Morgan Stanley lifted its holdings in O-I Glass by 34.1% in the 3rd quarter. Morgan Stanley now owns 3,005,557 shares of the industrial products company’s stock worth $50,283,000 after purchasing an additional 764,896 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in O-I Glass by 3.8% in the 1st quarter. Geode Capital Management LLC now owns 2,866,204 shares of the industrial products company’s stock worth $65,092,000 after purchasing an additional 104,264 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.