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

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

Several other equities analysts have also recently commented on the company. Citigroup cut their price target on O-I Glass from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Wall Street Zen lowered O-I Glass from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. Truist Financial increased 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. Finally, Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and lifted their target price for the company from $14.00 to $17.00 in a research report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average target price of $18.11.

O-I Glass Stock Performance

NYSE:OI traded down $0.53 during midday trading on Tuesday, reaching $11.89. The stock had a trading volume of 1,477,687 shares, compared to its average volume of 1,965,932. The stock has a market capitalization of $1.81 billion, a P/E ratio of -14.15, a PEG ratio of 0.58 and a beta of 0.82. O-I Glass has a 1-year low of $9.23 and a 1-year high of $16.91. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.25 and a quick ratio of 0.77. The firm’s fifty day simple moving average is $15.09 and its 200-day simple moving average is $13.77.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate 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 firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) EPS. On average, equities research analysts forecast that O-I Glass will post 1.33 EPS for the current fiscal year.

Institutional Inflows and Outflows

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

O-I Glass Company Profile

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.