Wall Street Zen Downgrades O-I Glass (NYSE:OI) to Buy

O-I Glass (NYSE:OI) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Sunday.

Several other equities research analysts have also recently weighed in on OI. Truist Financial decreased their target price on O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $14.00 to $17.00 in a research report on Monday, November 17th. Zacks Research cut shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a report 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 price target on shares of O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.67.

O-I Glass Price Performance

Shares of O-I Glass stock opened at $14.94 on Friday. The firm has a market cap of $2.29 billion, a PE ratio of -15.89, a P/E/G ratio of 0.23 and a beta of 0.78. The business has a 50-day moving average price of $13.43 and a 200 day moving average price of $13.50. O-I Glass has a twelve month low of $9.23 and a twelve month high of $16.04. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36.

O-I Glass (NYSE:OI) last posted its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. The firm had revenue of $1.59 billion for the quarter. O-I Glass had a positive return on equity of 16.02% and a negative net margin of 2.26%. Sell-side analysts predict that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC purchased a new stake in shares of O-I Glass in the second quarter valued at approximately $29,000. Smartleaf Asset Management LLC lifted its holdings in O-I Glass by 64.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 918 shares during the period. State of Wyoming purchased a new stake in shares of O-I Glass during the 2nd quarter worth $35,000. GAMMA Investing LLC boosted its position in shares of O-I Glass by 31.7% during the 2nd quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock worth $50,000 after purchasing an additional 820 shares in the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of O-I Glass during the 2nd quarter worth $51,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Company Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.