O-I Glass (NYSE:OI) Shares Climb 8.7% – Still a Buy?

O-I Glass, Inc. (NYSE:OI)’s stock price shot up 8.7% on Thursday. The company traded as high as $6.49 and last traded at $6.5650. Approximately 1,940,896 shares changed hands during mid-day trading, a decline of 32% from the average daily volume of 2,839,687 shares. The stock had previously closed at $6.04.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Weiss Ratings cut O-I Glass from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Truist Financial lowered their target price on shares of O-I Glass from $10.00 to $8.00 and set a “buy” rating on the stock in a report on Monday, October 12th. Wells Fargo & Company cut their price target on shares of O-I Glass from $12.00 to $10.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Royal Bank Of Canada dropped their price objective on shares of O-I Glass from $8.00 to $7.00 and set a “sector perform” rating for the company in a report on Tuesday, October 13th. Finally, Robert W. Baird set a $13.00 target price on shares of O-I Glass in a research note on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.06.

O-I Glass Trading Up 1.0%

The company’s 50-day moving average is $6.37 and its 200-day moving average is $8.12. The company has a debt-to-equity ratio of 8.89, a quick ratio of 0.77 and a current ratio of 1.26. The firm has a market cap of $994.49 million, a price-to-earnings ratio of -0.86, a P/E/G ratio of 2.46 and a beta of 0.68.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same period last year, the company earned $0.53 earnings per share. O-I Glass’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, research analysts predict that O-I Glass, Inc. will post 0.36 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OI. BlackRock Inc. bought a new stake in shares of O-I Glass during the 2nd quarter worth approximately $225,727,000. Bank of America Corp DE acquired a new stake in O-I Glass during the second quarter worth approximately $33,436,000. Cooper Creek Partners Management LLC boosted its stake in O-I Glass by 73.8% in the 1st quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company’s stock valued at $73,636,000 after purchasing an additional 2,975,181 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in O-I Glass in the 2nd quarter worth about $19,260,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of O-I Glass in the second quarter valued at approximately $10,046,000. Institutional investors own 97.24% of the company’s stock.

O-I Glass Company Profile

O-I Glass, Inc is a global manufacturer of glass packaging products. The company produces glass bottles and jars primarily for the food, beverage, beer, wine, spirits, and pharmaceutical industries, serving brand owners and consumer-products companies.

Its products are designed to provide packaging, preservation, and presentation for a range of consumer goods. O-I also offers glass packaging in various shapes, sizes, and colors, including custom solutions developed for individual brands.

The company traces its history to the Owens Bottle Company, founded in 1903, and the Illinois Glass Company.