O-I Glass (NYSE:OI) Rating Lowered to “Strong Sell” at Zacks Research

O-I Glass (NYSE:OI) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.

OI has been the subject of several other research reports. Robert W. Baird set a $20.00 target price on O-I Glass in a research report on Thursday, February 12th. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $17.00 in a report on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research report on Thursday, January 22nd. Wells Fargo & Company raised shares of O-I Glass from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $15.00 to $18.00 in a research note on Tuesday, January 6th. Finally, Truist Financial boosted their price target on shares of O-I Glass from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.11.

O-I Glass Stock Down 1.0%

Shares of NYSE OI opened at $12.42 on Tuesday. The firm has a market capitalization of $1.89 billion, a PE ratio of -14.79, a price-to-earnings-growth ratio of 0.58 and a beta of 0.82. The firm has a fifty day simple moving average of $15.09 and a two-hundred day simple moving average of $13.77. 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 posted its quarterly earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations 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 company’s revenue was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Equities analysts expect that O-I Glass will post 1.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Envestnet Asset Management Inc. purchased a new position in O-I Glass during the 3rd quarter valued at about $1,526,000. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in O-I Glass during the third quarter valued at $18,496,000. Castleark Management LLC bought a new stake in O-I Glass in the second quarter worth $4,942,000. Knights of Columbus Asset Advisors LLC grew its stake in shares of O-I Glass by 91.6% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 172,773 shares of the industrial products company’s stock worth $2,241,000 after acquiring an additional 82,619 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of O-I Glass during the third quarter valued at $908,000. 97.24% of the stock is currently 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.