O-I Glass (NYSE:OI) Cut to Strong Sell at Zacks Research

Zacks Research downgraded shares of O-I Glass (NYSE:OI) from a hold rating to a strong sell rating in a research note issued to investors on Tuesday morning,Zacks.com reports.

Other research analysts have also recently issued reports about the company. Truist Financial lifted their price target on O-I Glass from $17.00 to $21.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. UBS Group reaffirmed a “buy” rating and issued a $21.00 target price on shares of O-I Glass in a research note on Thursday, February 12th. Wall Street Zen cut shares of O-I Glass from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Royal Bank Of Canada lowered their price target on shares of O-I Glass from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, February 26th. Finally, Citigroup reduced their price objective on O-I Glass from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have given a Hold rating and two have given 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 price target of $18.11.

O-I Glass Price Performance

NYSE OI opened at $11.98 on Tuesday. O-I Glass has a twelve month low of $9.23 and a twelve month high of $16.91. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.77 and a current ratio of 1.25. The stock has a market capitalization of $1.83 billion, a PE ratio of -14.26, a P/E/G ratio of 0.58 and a beta of 0.82. The stock has a 50-day simple moving average of $15.03 and a 200 day simple moving average of $13.76.

O-I Glass (NYSE:OI) last released 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. The business had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.52 billion. O-I Glass had a positive return on equity of 18.07% and a negative net margin of 2.01%.The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the business earned ($0.05) earnings per share. Research analysts anticipate that O-I Glass will post 1.33 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

A number of large investors have recently added to or reduced their stakes in OI. Alliancebernstein L.P. boosted its position in shares of O-I Glass by 194.6% during the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock worth $117,033,000 after buying an additional 5,244,440 shares during the period. Wellington Management Group LLP bought a new stake in O-I Glass in the 4th quarter valued at approximately $40,090,000. Arrowstreet Capital Limited Partnership boosted its position in O-I Glass by 288.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,215,632 shares of the industrial products company’s stock worth $47,463,000 after acquiring an additional 2,388,299 shares during the last quarter. Brandywine Global Investment Management LLC bought a new position in shares of O-I Glass during the 4th quarter worth approximately $25,064,000. Finally, Bank of America Corp DE grew its stake in shares of O-I Glass by 222.6% during the 2nd quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock worth $32,520,000 after acquiring an additional 1,522,384 shares in the last quarter. Institutional investors own 97.24% of the company’s stock.

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.