O-I Glass’ (OI) “Neutral” Rating Reiterated at Bank of America

Bank of America reaffirmed their neutral rating on shares of O-I Glass (NYSE:OI) in a research report sent to investors on Friday morning, MarketBeat reports. Bank of America currently has a $16.00 target price on the industrial products company’s stock, down from their previous target price of $21.00.

A number of other research firms have also commented on OI. Citigroup lowered O-I Glass from a buy rating to a neutral rating and raised their price target for the stock from $17.00 to $18.00 in a research report on Wednesday, January 3rd. TheStreet lowered O-I Glass from a b- rating to a c- rating in a research report on Tuesday, February 6th. UBS Group assumed coverage on O-I Glass in a research report on Tuesday, January 16th. They issued a buy rating and a $26.00 target price on the stock. StockNews.com lowered O-I Glass from a buy rating to a hold rating in a research report on Thursday, February 15th. Finally, Truist Financial reissued a buy rating and issued a $20.00 target price on shares of O-I Glass in a research report on Monday, March 25th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $22.67.

O-I Glass Price Performance

Shares of OI opened at $14.57 on Friday. The stock has a market cap of $2.27 billion, a P/E ratio of -19.43, a price-to-earnings-growth ratio of 1.00 and a beta of 1.35. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 2.69. The stock’s 50-day moving average price is $16.16 and its two-hundred day moving average price is $15.64. O-I Glass has a 1 year low of $13.56 and a 1 year high of $23.57.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. 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. On average, equities analysts predict that O-I Glass will post 2.33 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of O-I Glass by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 19,597,610 shares of the industrial products company’s stock worth $253,789,000 after acquiring an additional 291,640 shares during the period. Dimensional Fund Advisors LP boosted its stake in O-I Glass by 12.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock valued at $108,358,000 after purchasing an additional 728,493 shares during the period. State Street Corp boosted its stake in O-I Glass by 0.9% in the 3rd quarter. State Street Corp now owns 5,841,163 shares of the industrial products company’s stock valued at $75,643,000 after purchasing an additional 54,511 shares during the period. Morgan Stanley boosted its stake in O-I Glass by 34.1% in the 3rd quarter. Morgan Stanley now owns 3,005,557 shares of the industrial products company’s stock valued at $50,283,000 after purchasing an additional 764,896 shares during the period. Finally, Geode Capital Management LLC raised its holdings in O-I Glass by 3.8% in the 1st quarter. Geode Capital Management LLC now owns 2,866,204 shares of the industrial products company’s stock valued at $65,092,000 after acquiring an additional 104,264 shares in the last quarter. 97.24% of the stock is currently owned by 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.