O-I Glass (NYSE:OI) Price Target Cut to $19.00

O-I Glass (NYSE:OI) had its target price lowered by Wells Fargo & Company from $22.00 to $19.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

OI has been the topic of several other reports. Bank of America reissued a neutral rating and issued a $16.00 price target (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Citigroup lowered O-I Glass from a buy rating to a neutral rating and boosted their target price for the company from $17.00 to $18.00 in a research report on Wednesday, January 3rd. TheStreet lowered shares of O-I Glass from a b- rating to a c- rating in a research note on Tuesday, February 6th. Robert W. Baird dropped their price objective on shares of O-I Glass from $28.00 to $22.00 and set an outperform rating on the stock in a research note on Thursday. Finally, Truist Financial reaffirmed a buy rating and issued a $20.00 price target on shares of O-I Glass in a research report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $19.89.

O-I Glass Price Performance

Shares of NYSE:OI opened at $13.17 on Thursday. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.02 and a quick ratio of 0.56. O-I Glass has a 1 year low of $12.40 and a 1 year high of $23.57. The company’s 50 day simple moving average is $15.71 and its 200 day simple moving average is $15.55.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.09. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the prior year, the business earned $1.29 earnings per share. The company’s revenue for the quarter was down 13.0% compared to the same quarter last year. Analysts anticipate that O-I Glass will post 1.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its position in shares of O-I Glass by 414.2% during the third quarter. Van ECK Associates Corp now owns 129,826 shares of the industrial products company’s stock valued at $2,172,000 after purchasing an additional 104,576 shares in the last quarter. Levin Capital Strategies L.P. grew its stake in shares of O-I Glass by 55.0% in the fourth quarter. Levin Capital Strategies L.P. now owns 1,691,765 shares of the industrial products company’s stock worth $27,711,000 after acquiring an additional 600,239 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new position in shares of O-I Glass during the third quarter valued at $1,757,000. New York State Common Retirement Fund raised its position in shares of O-I Glass by 14.4% in the 3rd quarter. New York State Common Retirement Fund now owns 523,860 shares of the industrial products company’s stock worth $8,764,000 after purchasing an additional 65,835 shares during the last quarter. Finally, American Century Companies Inc. grew its position in O-I Glass by 7.8% during the 3rd quarter. American Century Companies Inc. now owns 1,672,400 shares of the industrial products company’s stock valued at $27,979,000 after purchasing an additional 121,495 shares during 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.