O-I Glass (NYSE:OI) Announces Quarterly Earnings Results, Misses Estimates By $0.15 EPS

O-I Glass (NYSE:OI) announced its earnings results on Tuesday. The industrial products company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.15), Zacks reports. O-I Glass had a negative net margin of 2.91% and a positive return on equity of 13.65%. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period in the prior year, the business earned $0.53 EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year.

O-I Glass Trading Down 16.3%

NYSE:OI opened at $7.58 on Wednesday. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 3.35. O-I Glass has a 1-year low of $7.53 and a 1-year high of $16.91. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -5.96, a price-to-earnings-growth ratio of 1.11 and a beta of 0.62. The stock has a fifty day simple moving average of $9.07 and a 200 day simple moving average of $11.19.

Insider Buying and Selling

In related news, SVP Darrow A. Abrahams acquired 2,774 shares of the business’s stock in a transaction on Monday, May 11th. The shares were purchased at an average price of $9.04 per share, for a total transaction of $25,076.96. Following the acquisition, the senior vice president owned 235,928 shares in the company, valued at approximately $2,132,789.12. This represents a 1.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Randolph L. Burns acquired 11,000 shares of O-I Glass stock in a transaction on Friday, May 8th. The shares were purchased at an average cost of $9.32 per share, with a total value of $102,520.00. Following the completion of the purchase, the senior vice president directly owned 133,932 shares of the company’s stock, valued at approximately $1,248,246.24. This represents a 8.95% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 17,083 shares of company stock valued at $157,312. 1.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On O-I Glass

A number of large investors have recently made changes to their positions in the company. Barclays PLC lifted its position in shares of O-I Glass by 0.3% in the 4th quarter. Barclays PLC now owns 246,766 shares of the industrial products company’s stock valued at $3,642,000 after acquiring an additional 755 shares in the last quarter. Smartleaf Asset Management LLC grew its position in O-I Glass by 64.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 918 shares in the last quarter. Amundi raised its stake in O-I Glass by 1.4% during the 2nd quarter. Amundi now owns 75,483 shares of the industrial products company’s stock valued at $1,175,000 after purchasing an additional 1,031 shares during the period. Corient Private Wealth LLC raised its stake in O-I Glass by 6.0% during the 4th quarter. Corient Private Wealth LLC now owns 18,694 shares of the industrial products company’s stock valued at $277,000 after purchasing an additional 1,062 shares during the period. Finally, Osaic Holdings Inc. lifted its holdings in shares of O-I Glass by 29.7% in the second quarter. Osaic Holdings Inc. now owns 6,779 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 1,554 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company cut their price target on shares of O-I Glass from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. UBS Group lowered their price objective on shares of O-I Glass from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, April 10th. Truist Financial dropped their target price on shares of O-I Glass from $14.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Royal Bank Of Canada cut their target price on shares of O-I Glass from $14.00 to $11.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Finally, Citigroup reduced their target price on shares of O-I Glass from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, May 4th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, O-I Glass has a consensus rating of “Hold” and a consensus target price of $13.57.

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.