O-I Glass’ (OI) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial reissued 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 price objective on the industrial products company’s stock, down from their previous price objective of $20.00.

Other research analysts also recently issued research reports about the company. Bank of America reiterated a neutral rating and issued a $16.00 price objective (down previously from $21.00) on shares of O-I Glass in a report on Friday, April 19th. Robert W. Baird dropped their price objective on O-I Glass from $28.00 to $22.00 and set an outperform rating for the company in a research note on Thursday. StockNews.com downgraded O-I Glass from a buy rating to a hold rating in a research report on Thursday, February 15th. Barclays lifted their price objective on O-I Glass from $16.00 to $18.00 and gave the company an equal weight rating in a research report on Tuesday, February 13th. Finally, Wells Fargo & Company reduced their price objective on O-I Glass from $22.00 to $19.00 and set an overweight rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $19.89.

O-I Glass Price Performance

O-I Glass stock traded up $0.36 during mid-day trading on Thursday, reaching $13.53. 523,582 shares of the stock traded hands, compared to its average volume of 1,744,784. The company has a quick ratio of 0.56, a current ratio of 1.02 and a debt-to-equity ratio of 2.26. The business’s 50-day moving average is $15.71 and its 200-day moving average is $15.55. O-I Glass has a 12-month low of $12.40 and a 12-month high of $23.57.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.09. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the company earned $1.29 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. Equities research analysts anticipate that O-I Glass will post 1.6 earnings per share for the current year.

Institutional Trading of O-I Glass

A number of hedge funds have recently bought and sold shares of OI. Norges Bank purchased a new position in O-I Glass during the 4th quarter valued at approximately $27,562,000. Assenagon Asset Management S.A. increased its holdings in shares of O-I Glass by 132.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company’s stock valued at $32,807,000 after acquiring an additional 1,141,680 shares during the period. 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 valued at $35,814,000 after acquiring an additional 877,172 shares during the period. Dimensional Fund Advisors LP grew its stake in O-I Glass by 12.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock worth $108,358,000 after buying an additional 728,493 shares during the last quarter. Finally, Cooper Creek Partners Management LLC grew its stake in O-I Glass by 39.6% during 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 during the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

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.