O-I Glass (NYSE:OI) Posts Earnings Results, Beats Expectations By $0.01 EPS

O-I Glass (NYSE:OI) posted its quarterly earnings results on Tuesday. The industrial products company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01, FiscalAI reports. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.52 billion. O-I Glass had a positive return on equity of 16.02% and a negative net margin of 2.26%.

O-I Glass Stock Down 0.5%

Shares of NYSE OI traded down $0.08 during midday trading on Tuesday, hitting $16.34. The company’s stock had a trading volume of 2,838,667 shares, compared to its average volume of 1,788,706. The company has a debt-to-equity ratio of 3.36, a current ratio of 1.33 and a quick ratio of 0.84. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -17.38, a price-to-earnings-growth ratio of 0.20 and a beta of 0.78. The business’s fifty day simple moving average is $15.19 and its two-hundred day simple moving average is $13.66. O-I Glass has a 1 year low of $9.23 and a 1 year high of $16.91.

Hedge Funds Weigh In On O-I Glass

Several institutional investors have recently modified their holdings of OI. Headlands Technologies LLC acquired a new stake in O-I Glass during the 2nd quarter worth $29,000. State of Wyoming purchased a new stake in shares of O-I Glass in the second quarter valued at about $35,000. Smartleaf Asset Management LLC raised its holdings in shares of O-I Glass by 64.1% in the second quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock valued at $35,000 after buying an additional 918 shares during the last quarter. Johnson Financial Group Inc. acquired a new stake in shares of O-I Glass during the third quarter worth about $85,000. Finally, Osaic Holdings Inc. grew its holdings in shares of O-I Glass by 29.7% during the second quarter. Osaic Holdings Inc. now owns 6,779 shares of the industrial products company’s stock worth $100,000 after buying an additional 1,554 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on OI shares. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $14.00 to $17.00 in a report on Monday, November 17th. Truist Financial lifted their target price on shares of O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Wells Fargo & Company raised shares of O-I Glass from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $15.00 to $18.00 in a research note on Tuesday, January 6th. Zacks Research lowered shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a report on Thursday, January 22nd. One equities 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 given a Sell rating to the company. Based on data from MarketBeat.com, O-I Glass currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.88.

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.