O-I Glass (NYSE:OI) Announces Quarterly Earnings Results

O-I Glass (NYSE:OIGet Free Report) released its quarterly earnings results on Tuesday. The industrial products company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09, Briefing.com reports. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. O-I Glass had a return on equity of 27.79% and a net margin of 5.31%. O-I Glass’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. O-I Glass updated its FY24 guidance to $2.25 to $2.65 EPS and its FY 2024 guidance to 2.250-2.650 EPS.

O-I Glass Stock Down 0.7 %

Shares of NYSE:OI opened at $14.41 on Wednesday. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 6.05, a P/E/G ratio of 0.90 and a beta of 1.32. The company has a debt-to-equity ratio of 2.25, a current ratio of 1.40 and a quick ratio of 0.87. The business’s 50-day moving average is $15.53 and its 200-day moving average is $16.83. O-I Glass has a 1 year low of $13.56 and a 1 year high of $23.57.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in O-I Glass during the 4th quarter worth approximately $26,558,000. Alliancebernstein L.P. raised its stake in shares of O-I Glass by 116.3% in the fourth quarter. Alliancebernstein L.P. now owns 2,291,497 shares of the industrial products company’s stock worth $37,970,000 after purchasing an additional 1,231,866 shares during the last quarter. Millennium Management LLC raised its stake in shares of O-I Glass by 3,268.7% in the fourth quarter. Millennium Management LLC now owns 1,108,594 shares of the industrial products company’s stock worth $18,369,000 after purchasing an additional 1,075,685 shares during the last quarter. Bank of America Corp DE raised its stake in shares of O-I Glass by 145.7% in the first quarter. Bank of America Corp DE now owns 1,763,194 shares of the industrial products company’s stock worth $40,042,000 after purchasing an additional 1,045,661 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of O-I Glass by 34.1% in the third quarter. Morgan Stanley now owns 3,005,557 shares of the industrial products company’s stock worth $50,283,000 after purchasing an additional 764,896 shares during the last quarter. 91.29% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on OI. UBS Group initiated coverage on O-I Glass in a research report on Tuesday, January 16th. They set a “buy” rating and a $26.00 price target on the stock. Barclays decreased their price objective on O-I Glass from $18.00 to $16.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. Truist Financial increased their price objective on O-I Glass from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Thursday, January 4th. Citigroup downgraded O-I Glass from a “buy” rating to a “neutral” rating and raised their price target for the company from $17.00 to $18.00 in a research note on Wednesday, January 3rd. Finally, StockNews.com downgraded O-I Glass from a “buy” rating to a “hold” rating in a research note on Monday, November 20th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, O-I Glass presently has an average rating of “Moderate Buy” and a consensus price target of $24.00.

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O-I Glass Company Profile

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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.

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Earnings History for O-I Glass (NYSE:OI)

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