O-I Glass (NYSE:OI) Receives “Buy” Rating from Truist Financial

Truist Financial reiterated their buy rating on shares of O-I Glass (NYSE:OI) in a research report sent to investors on Thursday morning, Benzinga reports. Truist Financial currently has a $17.00 target price on the industrial products company’s stock, down from their prior target price of $20.00.

Other analysts have also issued reports about the company. Bank of America restated a neutral rating and issued a $16.00 target price (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Robert W. Baird dropped their price objective on shares of O-I Glass from $28.00 to $22.00 and set an outperform rating on the stock in a report on Thursday. TheStreet downgraded shares of O-I Glass from a b- rating to a c- rating in a research note on Tuesday, February 6th. Wells Fargo & Company lowered their price target on shares of O-I Glass from $22.00 to $19.00 and set an overweight rating on the stock in a research report on Thursday. Finally, Barclays raised their price objective on shares of O-I Glass from $16.00 to $18.00 and gave the stock an equal weight rating in a report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and an average target price of $19.89.

O-I Glass Stock Performance

OI traded up $0.08 during trading on Thursday, hitting $13.17. 1,483,504 shares of the company traded hands, compared to its average volume of 1,925,177. O-I Glass has a one year low of $12.40 and a one year high of $23.57. The stock’s fifty day moving average is $15.71 and its 200 day moving average is $15.54. The company has a quick ratio of 0.77, a current ratio of 1.02 and a debt-to-equity ratio of 2.26. The firm has a market cap of $2.05 billion, a P/E ratio of -8.28, a price-to-earnings-growth ratio of 1.22 and a beta of 1.36.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the firm earned $1.29 EPS. The company’s revenue was down 13.0% compared to the same quarter last year. As a group, equities analysts predict that O-I Glass will post 1.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in OI. Dimensional Fund Advisors LP grew its holdings in shares of O-I Glass by 12.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock worth $108,358,000 after purchasing an additional 728,493 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in O-I Glass by 32.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,644,360 shares of the industrial products company’s stock valued at $43,870,000 after purchasing an additional 641,493 shares during the last quarter. Cooper Creek Partners Management LLC grew its stake in O-I Glass by 39.6% in the 3rd quarter. Cooper Creek Partners Management LLC now owns 2,200,187 shares of the industrial products company’s stock worth $36,809,000 after buying an additional 623,705 shares in the last quarter. Luminus Management LLC increased its holdings in shares of O-I Glass by 69.4% in the 3rd quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company’s stock worth $35,814,000 after buying an additional 877,172 shares during the last quarter. Finally, Private Management Group Inc. raised its position in shares of O-I Glass by 0.7% during the 4th quarter. Private Management Group Inc. now owns 2,051,886 shares of the industrial products company’s stock valued at $33,610,000 after buying an additional 14,018 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.