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

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

OI has been the topic of a number of other reports. Zacks Research lowered shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. Citigroup reduced their price objective on O-I Glass from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday. Wells Fargo & Company raised O-I Glass from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $15.00 to $18.00 in a report on Tuesday, January 6th. UBS Group reaffirmed a “buy” rating and issued a $21.00 price objective on shares of O-I Glass in a research note on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.22.

O-I Glass Price Performance

NYSE:OI opened at $14.76 on Friday. The company’s 50-day moving average price is $15.31 and its two-hundred day moving average price is $13.69. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.91. The firm has a market cap of $2.27 billion, a PE ratio of -17.57, a price-to-earnings-growth ratio of 0.19 and a beta of 0.78. The company has a quick ratio of 0.84, a current ratio of 1.25 and a debt-to-equity ratio of 3.35.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same period in the previous year, the firm posted ($0.05) earnings per share. The company’s revenue was down 1.9% on a year-over-year basis. On average, equities analysts anticipate that O-I Glass will post 1.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC increased its holdings in shares of O-I Glass by 87.6% during the fourth quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 830 shares in the last quarter. Headlands Technologies LLC purchased a new stake in O-I Glass in the second quarter worth approximately $29,000. Quarry LP purchased a new position in shares of O-I Glass in the 4th quarter worth $32,000. Caitong International Asset Management Co. Ltd grew its stake in shares of O-I Glass by 36,533.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,198 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 2,192 shares during the period. Finally, State of Wyoming bought a new stake in O-I Glass during the second quarter valued at approximately $35,000. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

About O-I Glass

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.