Wells Fargo & Company Downgrades O-I Glass (NYSE:OI) to Equal Weight

O-I Glass (NYSE:OI) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. They currently have a $13.00 price objective on the industrial products company’s stock, down from their previous price objective of $18.00. Wells Fargo & Company‘s price objective suggests a potential upside of 32.05% from the company’s previous close.

OI has been the topic of several other reports. Citigroup cut their price target on shares of O-I Glass from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, February 12th. Robert W. Baird set a $20.00 price objective on shares of O-I Glass in a research note on Thursday, February 12th. Truist Financial lifted their target price on shares of O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Wall Street Zen downgraded O-I Glass from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $17.56.

O-I Glass Trading Down 4.9%

NYSE OI opened at $9.85 on Friday. The firm has a market capitalization of $1.50 billion, a P/E ratio of -11.72, a PEG ratio of 0.64 and a beta of 0.82. The business has a fifty day simple moving average of $14.08 and a 200 day simple moving average of $13.59. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.91. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 3.35.

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

Institutional Trading of O-I Glass

Several hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. boosted its stake in O-I Glass by 194.6% in the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock valued at $117,033,000 after acquiring an additional 5,244,440 shares during the last quarter. Wellington Management Group LLP purchased a new stake in shares of O-I Glass during the 4th quarter worth approximately $40,090,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of O-I Glass by 288.7% in 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 purchasing an additional 2,388,299 shares during the period. Brandywine Global Investment Management LLC bought a new stake in shares of O-I Glass in the 4th quarter worth approximately $25,064,000. Finally, Bank of America Corp DE lifted its stake in O-I Glass by 222.6% in the second quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock valued at $32,520,000 after purchasing an additional 1,522,384 shares during 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.