O-I Glass (NYSE:OI) Upgraded by Bank of America to “Buy” Rating

Bank of America upgraded shares of O-I Glass (NYSE:OI) from a neutral rating to a buy rating in a research report report published on Monday morning, MarketBeat.com reports. The brokerage currently has $17.00 target price on the industrial products company’s stock, up from their prior target price of $14.00.

A number of other research analysts have also commented on OI. Wall Street Zen upgraded shares of O-I Glass from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Truist Financial dropped their price target on O-I Glass from $21.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Zacks Research downgraded O-I Glass from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company boosted their target price on O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average target price of $16.67.

O-I Glass Price Performance

Shares of NYSE OI opened at $12.81 on Monday. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. O-I Glass has a twelve month low of $9.23 and a twelve month high of $16.04. The stock has a 50 day moving average of $12.55 and a two-hundred day moving average of $13.34. The stock has a market cap of $1.97 billion, a P/E ratio of -7.76, a P/E/G ratio of 0.22 and a beta of 0.89.

O-I Glass (NYSE:OI) last announced its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share (EPS) for the quarter. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The business had revenue of $1.59 billion for the quarter. On average, research analysts forecast that O-I Glass will post 1.33 earnings per share for the current year.

Institutional Trading of O-I Glass

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of O-I Glass by 3.7% in the third quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock valued at $250,959,000 after buying an additional 691,989 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in O-I Glass by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 8,232,239 shares of the industrial products company’s stock valued at $106,773,000 after acquiring an additional 170,696 shares during the period. Alliancebernstein L.P. boosted its position in shares of O-I Glass by 0.7% during the 3rd quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock worth $103,718,000 after purchasing an additional 56,945 shares in the last quarter. Highland Peak Capital LLC grew its stake in shares of O-I Glass by 22.2% during the 3rd quarter. Highland Peak Capital LLC now owns 3,113,780 shares of the industrial products company’s stock worth $40,386,000 after purchasing an additional 566,703 shares during the period. Finally, Levin Capital Strategies L.P. increased its holdings in shares of O-I Glass by 6.0% in the 1st quarter. Levin Capital Strategies L.P. now owns 2,915,106 shares of the industrial products company’s stock valued at $33,436,000 after purchasing an additional 164,669 shares in the last quarter. 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.