O-I Glass (NYSE:OI) Given New $12.00 Price Target at Citigroup

O-I Glass (NYSE:OI) had its target price lowered by Citigroup from $16.00 to $12.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

A number of other brokerages have also recently commented on OI. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. Royal Bank Of Canada lowered their price objective on shares of O-I Glass from $19.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, February 26th. Truist Financial increased their price objective on shares of O-I Glass from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. 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. Finally, UBS Group reduced their target price on shares of O-I Glass from $21.00 to $18.00 and set a “buy” rating on the stock in a report on Friday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $16.78.

O-I Glass Price Performance

Shares of NYSE OI opened at $10.93 on Monday. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of -13.01, a PEG ratio of 0.88 and a beta of 0.84. O-I Glass has a 52 week low of $9.84 and a 52 week high of $16.91. The company’s 50-day moving average price is $12.51 and its 200 day moving average price is $13.33. 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 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The firm had revenue of $1.50 billion for the quarter, compared to analysts’ expectations of $1.52 billion. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The firm’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.05) EPS. As a group, research analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OI. Farther Finance Advisors LLC lifted its holdings in O-I Glass by 87.6% in the 4th quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 830 shares in the last quarter. Headlands Technologies LLC purchased a new position in O-I Glass in the 2nd quarter valued at about $29,000. Quarry LP purchased a new position in shares of O-I Glass during the 4th quarter worth about $32,000. Caitong International Asset Management Co. Ltd lifted its holdings 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 worth $32,000 after acquiring an additional 2,192 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of O-I Glass by 64.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 918 shares during the period. 97.24% of the stock is currently 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.