O-I Glass (NYSE:OI) Sees Large Volume Increase – Still a Buy?

Shares of O-I Glass, Inc. (NYSE:OI) saw an uptick in trading volume on Tuesday . 3,653,015 shares changed hands during mid-day trading, an increase of 134% from the previous session’s volume of 1,560,268 shares.The stock last traded at $13.2980 and had previously closed at $12.64.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and lifted their price target for the company from $14.00 to $17.00 in a report on Monday, November 17th. Truist Financial lowered their target price on O-I Glass from $21.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Wall Street Zen raised O-I Glass from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Zacks Research cut O-I Glass from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. Finally, Wells Fargo & Company raised their price target on O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.67.

O-I Glass Price Performance

The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -8.03, a price-to-earnings-growth ratio of 0.22 and a beta of 0.89. The stock has a 50-day moving average of $12.54 and a two-hundred day moving average of $13.33.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share (EPS) for the quarter. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%.The firm had revenue of $1.59 billion for the quarter. On average, analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC raised its stake in O-I Glass by 623.9% during the 1st quarter. CWM LLC now owns 8,390 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 7,231 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of O-I Glass by 148.1% during the 1st quarter. Victory Capital Management Inc. now owns 345,667 shares of the industrial products company’s stock valued at $3,965,000 after buying an additional 206,365 shares during the last quarter. Allianz Asset Management GmbH grew its position in O-I Glass by 16.0% in the first quarter. Allianz Asset Management GmbH now owns 132,222 shares of the industrial products company’s stock worth $1,517,000 after acquiring an additional 18,268 shares in the last quarter. Cetera Investment Advisers bought a new stake in O-I Glass in the first quarter worth $211,000. Finally, XTX Topco Ltd acquired a new position in shares of O-I Glass during the 1st quarter valued at about $554,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

O-I Glass Company Profile

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.