O-I Glass (NYSE:OI) Price Target Cut to $8.00 by Analysts at Citigroup

O-I Glass (NYSE:OI) had its target price reduced by Citigroup from $10.00 to $8.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the industrial products company’s stock. Citigroup’s target price suggests a potential upside of 11.65% from the stock’s current price.

OI has been the topic of several other research reports. Truist Financial cut their price target on O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday. Weiss Ratings upgraded O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, July 15th. Wells Fargo & Company dropped their target price on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Bank of America restated an “underperform” rating and set a $11.00 price target on shares of O-I Glass in a report on Tuesday, July 14th. Finally, Robert W. Baird set a $13.00 price target on O-I Glass in a research report on Thursday. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.56.

O-I Glass Stock Down 2.5%

NYSE:OI traded down $0.18 during mid-day trading on Friday, hitting $7.17. 2,708,578 shares of the company’s stock were exchanged, compared to its average volume of 2,670,118. The company has a market cap of $1.10 billion, a PE ratio of -0.95, a P/E/G ratio of 0.93 and a beta of 0.62. The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.73. O-I Glass has a one year low of $7.01 and a one year high of $16.91. The business has a fifty day moving average price of $9.01 and a 200 day moving average price of $11.08.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.15). O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business posted $0.53 EPS. O-I Glass’s revenue for the quarter was down 2.2% on a year-over-year basis. Equities analysts predict that O-I Glass will post 1.14 EPS for the current year.

Insiders Place Their Bets

In other O-I Glass news, SVP Randolph L. Burns purchased 11,000 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was purchased at an average price of $9.32 per share, for a total transaction of $102,520.00. Following the completion of the purchase, the senior vice president directly owned 133,932 shares of the company’s stock, valued at $1,248,246.24. This trade represents a 8.95% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Eduardo Restrepo purchased 3,309 shares of the stock in a transaction dated Thursday, May 14th. The shares were acquired at an average cost of $8.98 per share, for a total transaction of $29,714.82. Following the completion of the acquisition, the senior vice president owned 94,199 shares of the company’s stock, valued at approximately $845,907.02. This represents a 3.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 17,083 shares of company stock valued at $157,312. Corporate insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On O-I Glass

A number of hedge funds have recently bought and sold shares of the business. Brandywine Global Investment Management LLC bought a new position in O-I Glass during the fourth quarter valued at approximately $25,064,000. LSV Asset Management raised its stake in O-I Glass by 12.4% during the 4th quarter. LSV Asset Management now owns 1,801,844 shares of the industrial products company’s stock valued at $26,595,000 after buying an additional 199,366 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in O-I Glass by 32.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,246,337 shares of the industrial products company’s stock valued at $44,629,000 after buying an additional 1,030,705 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in O-I Glass by 42.1% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,026,525 shares of the industrial products company’s stock valued at $29,912,000 after buying an additional 600,462 shares during the last quarter. Finally, MYDA Advisors LLC lifted its holdings in shares of O-I Glass by 318.0% during the 4th quarter. MYDA Advisors LLC now owns 292,620 shares of the industrial products company’s stock valued at $4,319,000 after buying an additional 222,620 shares during the period. Hedge funds and other institutional investors own 97.24% of the company’s stock.

Key O-I Glass News

Here are the key news stories impacting O-I Glass this week:

• Positive Sentiment: UBS and Truist retained Buy ratings, with price targets of $11 and $10, respectively. Those targets suggest substantial potential upside from recent trading levels, although both firms reduced their targets. UBS price target article
• Positive Sentiment: Industry commentary points to solid end-market demand and new glass-product development as potential growth drivers for O-I Glass and peers. Glass products industry outlook
• Neutral Sentiment: Some analysts remain bullish on O-I Glass following its sharp decline, arguing the stock trades at a discounted valuation. However, the positive view depends on a recovery in operating performance and execution of the company’s strategy. Analyst bullishness article
• Negative Sentiment: O-I Glass recorded an approximately $873 million goodwill impairment, contributing to a significant second-quarter net loss. Adjusted EPS was $0.09, below the $0.24 consensus estimate, while revenue declined 2.2% year over year to $1.67 billion. O-I Glass goodwill impairment article
• Negative Sentiment: Weakness in Europe drove the earnings miss, and the company cut full-year guidance for the second consecutive quarter, raising concerns about demand and execution. O-I Glass European weakness article
• Negative Sentiment: The stock reached a new one-year low following the weak results, while UBS and Truist lowered their price targets despite maintaining Buy ratings. A pending investor investigation adds another layer of uncertainty. O-I Glass one-year low article

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.