StockNews.com Begins Coverage on O-I Glass (NYSE:OI)

StockNews.com began coverage on shares of O-I Glass (NYSE:OI – Get Rating) in a research report sent to investors on Thursday. The firm issued a buy rating on the industrial products company’s stock.

Several other brokerages have also recently weighed in on OI. Barclays raised their price objective on O-I Glass from $13.00 to $18.00 and gave the company an underweight rating in a research note on Monday, February 6th. Robert W. Baird raised their price objective on O-I Glass from $24.00 to $26.00 and gave the company an outperform rating in a research note on Thursday, February 2nd. KeyCorp raised their price objective on O-I Glass from $12.00 to $15.00 and gave the company an underweight rating in a research note on Thursday, February 2nd. Truist Financial raised their price objective on O-I Glass from $23.00 to $27.00 and gave the company a buy rating in a research note on Thursday, February 2nd. Finally, Citigroup raised their price objective on O-I Glass from $22.00 to $25.00 and gave the company a buy rating in a research note on Friday, February 3rd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $23.40.

O-I Glass Price Performance

Shares of OI opened at $20.99 on Thursday. O-I Glass has a 12-month low of $11.60 and a 12-month high of $23.52. The business’s fifty day moving average is $21.03 and its 200 day moving average is $17.44. The company has a quick ratio of 0.74, a current ratio of 1.10 and a debt-to-equity ratio of 2.86. The stock has a market cap of $3.24 billion, a P/E ratio of 5.72, a P/E/G ratio of 1.22 and a beta of 1.36.

O-I Glass (NYSE:OI – Get Rating) last issued its earnings results on Tuesday, January 31st. The industrial products company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.06. O-I Glass had a return on equity of 27.42% and a net margin of 8.52%. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.59 billion. During the same period last year, the business earned $0.36 EPS. O-I Glass’s quarterly revenue was up 7.1% compared to the same quarter last year. Sell-side analysts anticipate that O-I Glass will post 2.5 earnings per share for the current fiscal year.

Insider Transactions at O-I Glass

In other news, insider Vitaliano Torno sold 17,299 shares of O-I Glass stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $22.22, for a total transaction of $384,383.78. Following the sale, the insider now directly owns 158,010 shares in the company, valued at approximately $3,510,982.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Vitaliano Torno sold 17,299 shares of O-I Glass stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $22.22, for a total value of $384,383.78. Following the completion of the sale, the insider now owns 158,010 shares of the company’s stock, valued at approximately $3,510,982.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Arnaud Aujouannet sold 2,510 shares of O-I Glass stock in a transaction dated Tuesday, February 7th. The stock was sold at an average price of $22.33, for a total value of $56,048.30. Following the completion of the sale, the senior vice president now directly owns 55,368 shares of the company’s stock, valued at approximately $1,236,367.44. The disclosure for this sale can be found here. Company insiders own 1.34% of the company’s stock.

Institutional Investors Weigh In On O-I Glass

Large investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund increased its holdings in O-I Glass by 0.3% in the 3rd quarter. New York State Common Retirement Fund now owns 613,152 shares of the industrial products company’s stock worth $7,940,000 after acquiring an additional 1,950 shares during the last quarter. O Shaughnessy Asset Management LLC increased its holdings in O-I Glass by 20.7% in the 2nd quarter. O Shaughnessy Asset Management LLC now owns 18,335 shares of the industrial products company’s stock worth $257,000 after acquiring an additional 3,146 shares during the last quarter. Principal Financial Group Inc. increased its holdings in O-I Glass by 20.5% in the 2nd quarter. Principal Financial Group Inc. now owns 1,272,123 shares of the industrial products company’s stock worth $17,810,000 after acquiring an additional 216,735 shares during the last quarter. Martingale Asset Management L P purchased a new position in O-I Glass during the 3rd quarter valued at about $416,000. Finally, Point72 Asset Management L.P. grew its holdings in O-I Glass by 7,574.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,074,462 shares of the industrial products company’s stock valued at $13,914,000 after buying an additional 1,060,462 shares in the last quarter. Hedge funds and other institutional investors own 93.60% of the company’s stock.

About O-I Glass

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O-I Glass, Inc engages in manufacturing of glass products. It offers products to the food and beverage sectors. The firm operates through the following geographical segments: Americas, Europe, and Asia Pacific. The company was founded in 1929 and is headquartered in Perrysburg, OH.