O-I Glass (NYSE:OI) Shares Gap Down to $15.42

O-I Glass, Inc. (NYSE:OI) shares gapped down before the market opened on Friday . The stock had previously closed at $15.42, but opened at $14.75. O-I Glass shares last traded at $14.51, with a volume of 535,608 shares traded.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OI. Barclays boosted 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 research note on Tuesday, February 13th. StockNews.com downgraded shares of O-I Glass from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. TheStreet downgraded shares of O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Truist Financial restated a “buy” rating and issued a $20.00 target price on shares of O-I Glass in a research note on Monday, March 25th. Finally, UBS Group started coverage on shares of O-I Glass in a research note on Tuesday, January 16th. They issued a “buy” rating and a $26.00 target price for the company. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $22.67.

O-I Glass Stock Down 5.5 %

The stock has a market capitalization of $2.27 billion, a price-to-earnings ratio of -19.43, a PEG ratio of 1.06 and a beta of 1.35. The firm’s fifty day moving average is $16.16 and its 200-day moving average is $15.64. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.23 and a quick ratio of 0.77.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.09. The firm 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 quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.38 earnings per share. On average, sell-side analysts predict that O-I Glass, Inc. will post 2.37 earnings per share for the current year.

Institutional Trading of O-I Glass

Several institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. raised its holdings in shares of O-I Glass by 6.8% during the first quarter. Citigroup Inc. now owns 135,235 shares of the industrial products company’s stock worth $1,783,000 after purchasing an additional 8,576 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of O-I Glass by 4.5% during the first quarter. PNC Financial Services Group Inc. now owns 74,856 shares of the industrial products company’s stock worth $986,000 after purchasing an additional 3,197 shares during the period. Natixis Advisors L.P. raised its holdings in shares of O-I Glass by 28.0% during the first quarter. Natixis Advisors L.P. now owns 23,746 shares of the industrial products company’s stock worth $313,000 after purchasing an additional 5,200 shares during the period. MetLife Investment Management LLC raised its holdings in shares of O-I Glass by 52.5% during the first quarter. MetLife Investment Management LLC now owns 78,076 shares of the industrial products company’s stock worth $1,029,000 after purchasing an additional 26,893 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of O-I Glass by 2.8% during the first quarter. Rhumbline Advisers now owns 413,166 shares of the industrial products company’s stock worth $5,446,000 after purchasing an additional 11,382 shares during the period. 97.24% of the stock is owned by institutional investors and hedge funds.

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.