O-I Glass (NYSE:OI) Earns “Neutral” Rating from Bank of America

O-I Glass (NYSE:OI)‘s stock had its “neutral” rating reaffirmed by stock analysts at Bank of America in a research report issued on Friday, MarketBeat.com reports. They currently have a $16.00 target price on the industrial products company’s stock, down from their previous target price of $21.00. Bank of America‘s target price points to a potential upside of 9.81% from the stock’s previous close.

OI has been the topic of a number of other research reports. Truist Financial reaffirmed a “buy” rating and issued a $20.00 price objective on shares of O-I Glass in a report on Monday, March 25th. StockNews.com cut shares of O-I Glass from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Barclays increased their price objective on shares of O-I Glass from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Tuesday, February 13th. Citigroup cut shares of O-I Glass from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $17.00 to $18.00 in a report on Wednesday, January 3rd. Finally, UBS Group assumed coverage on shares of O-I Glass in a report on Tuesday, January 16th. They issued a “buy” rating and a $26.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.67.

O-I Glass Stock Down 5.5 %

Shares of NYSE:OI opened at $14.57 on Friday. The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -19.43, a price-to-earnings-growth ratio of 1.06 and a beta of 1.35. O-I Glass has a 1-year low of $13.56 and a 1-year high of $23.57. The company’s fifty day moving average is $16.16 and its two-hundred day moving average is $15.64. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, February 6th. The industrial products company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. O-I Glass had a negative net margin of 1.45% and a positive return on equity of 24.90%. The firm’s revenue was down 3.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 earnings per share. Equities analysts anticipate that O-I Glass will post 2.37 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

Several large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of O-I Glass during the 4th quarter valued at about $27,562,000. Alliancebernstein L.P. boosted its position in shares of O-I Glass by 116.3% during the 4th quarter. Alliancebernstein L.P. now owns 2,291,497 shares of the industrial products company’s stock valued at $37,970,000 after purchasing an additional 1,231,866 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of O-I Glass by 132.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company’s stock valued at $32,807,000 after purchasing an additional 1,141,680 shares in the last quarter. Millennium Management LLC boosted its position in shares of O-I Glass by 3,268.7% during the 4th quarter. Millennium Management LLC now owns 1,108,594 shares of the industrial products company’s stock valued at $18,369,000 after purchasing an additional 1,075,685 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of O-I Glass by 145.7% during the 1st quarter. Bank of America Corp DE now owns 1,763,194 shares of the industrial products company’s stock valued at $40,042,000 after purchasing an additional 1,045,661 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

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.