O-I Glass (NYSE:OI) Given “Buy” Rating at Truist Financial

O-I Glass (NYSE:OI)‘s stock had its “buy” rating restated by stock analysts at Truist Financial in a note issued to investors on Thursday, Benzinga reports. They currently have a $17.00 price target on the industrial products company’s stock, down from their previous price target of $20.00. Truist Financial’s target price would indicate a potential upside of 34.60% from the company’s previous close.

A number of other research analysts have also recently commented on OI. Robert W. Baird decreased their price target on O-I Glass from $28.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday. Bank of America reissued a “neutral” rating and set a $16.00 price target (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Wells Fargo & Company cut their price target on O-I Glass from $22.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday. TheStreet lowered O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Finally, UBS Group started coverage on O-I Glass in a research note on Tuesday, January 16th. They set a “buy” rating and a $26.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.11.

O-I Glass Trading Up 0.4 %

O-I Glass stock traded up $0.05 during trading hours on Thursday, reaching $12.63. 390,764 shares of the company’s stock traded hands, compared to its average volume of 1,731,763. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23. O-I Glass has a fifty-two week low of $12.40 and a fifty-two week high of $23.57. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of -7.94, a PEG ratio of 1.04 and a beta of 1.36. The firm’s 50 day moving average is $15.87 and its 200-day moving average is $15.58.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. O-I Glass had a positive return on equity of 17.85% and a negative net margin of 3.45%. The company had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same period in the prior year, the business posted $1.29 EPS. O-I Glass’s revenue was down 13.0% on a year-over-year basis. On average, analysts predict that O-I Glass will post 2.33 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

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

About O-I Glass

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.