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

Zacks Research cut shares of O-I Glass (NYSE:OI) from a strong-buy rating to a hold rating in a research report sent to investors on Monday,Zacks.com reports.

A number of other brokerages have also recently issued reports on OI. Truist Financial raised 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. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and increased their price target for the company from $14.00 to $17.00 in a research note on Monday, November 17th. Wall Street Zen cut O-I Glass from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. Finally, Citigroup raised their target price on O-I Glass from $14.00 to $17.00 and gave the stock a “neutral” rating in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.88.

O-I Glass Price Performance

Shares of OI stock opened at $16.57 on Monday. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -17.63, a PEG ratio of 0.19 and a beta of 0.78. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.63. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36. The stock has a 50-day moving average price of $15.00 and a 200 day moving average price of $13.63.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, November 4th. The industrial products company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.04. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. The company had revenue of $1.65 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the company posted ($0.04) EPS. The company’s revenue was down 1.5% compared to the same quarter last year. Research analysts expect that O-I Glass will post 1.33 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its holdings in shares of O-I Glass by 33.9% during the 1st quarter. Royal Bank of Canada now owns 112,800 shares of the industrial products company’s stock worth $1,294,000 after purchasing an additional 28,548 shares in the last quarter. AQR Capital Management LLC increased its stake in O-I Glass by 154.0% in the first quarter. AQR Capital Management LLC now owns 177,117 shares of the industrial products company’s stock valued at $1,993,000 after acquiring an additional 107,388 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in O-I Glass by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,151 shares of the industrial products company’s stock valued at $1,057,000 after purchasing an additional 4,055 shares in the last quarter. United Services Automobile Association acquired a new position in O-I Glass during the first quarter valued at approximately $119,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in O-I Glass by 43.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 526,279 shares of the industrial products company’s stock worth $6,036,000 after purchasing an additional 160,649 shares during the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

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.