O-I Glass (NYSE:OI) Shares Gap Down – Here’s Why

O-I Glass, Inc. (NYSE:OI) gapped down prior to trading on Wednesday . The stock had previously closed at $16.39, but opened at $15.69. O-I Glass shares last traded at $15.97, with a volume of 699,708 shares trading hands.

Analysts Set New Price Targets

OI has been the topic of a number of research analyst reports. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $17.00 in a research report on Monday, November 17th. UBS Group reiterated a “buy” rating and issued a $21.00 price objective on shares of O-I Glass in a research report on Thursday. Robert W. Baird set a $20.00 target price on shares of O-I Glass in a report on Thursday. Royal Bank Of Canada restated an “outperform” rating and set a $19.00 target price on shares of O-I Glass in a research report on Thursday, January 15th. Finally, Citigroup lowered their price target on shares of O-I Glass from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, O-I Glass currently has an average rating of “Moderate Buy” and a consensus price target of $18.22.

O-I Glass Trading Down 2.2%

The company has a debt-to-equity ratio of 3.35, a current ratio of 1.25 and a quick ratio of 0.84. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -17.57, a price-to-earnings-growth ratio of 0.19 and a beta of 0.78. The business’s 50-day moving average price is $15.31 and its two-hundred day moving average price is $13.70.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.19 by $0.01. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same period in the previous year, the company earned ($0.05) EPS. O-I Glass’s revenue for the quarter was down 1.9% on a year-over-year basis. Equities analysts expect that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of O-I Glass by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock worth $250,959,000 after purchasing an additional 691,989 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of O-I Glass by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 8,509,444 shares of the industrial products company’s stock worth $125,600,000 after purchasing an additional 277,205 shares during the period. Alliancebernstein L.P. increased its position in O-I Glass by 0.7% during the 3rd quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock worth $103,718,000 after purchasing an additional 56,945 shares in the last quarter. Geode Capital Management LLC raised its holdings in O-I Glass by 0.6% in the fourth quarter. Geode Capital Management LLC now owns 3,783,387 shares of the industrial products company’s stock valued at $55,852,000 after buying an additional 22,430 shares during the period. Finally, Highland Peak Capital LLC raised its holdings in O-I Glass by 22.2% in the third quarter. Highland Peak Capital LLC now owns 3,113,780 shares of the industrial products company’s stock valued at $40,386,000 after buying an additional 566,703 shares during the period. Hedge funds and other institutional investors own 97.24% of the company’s stock.

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.