O-I Glass (NYSE:OI) Shares Gap Down – Time to Sell?

O-I Glass, Inc. (NYSE:OI)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $16.39, but opened at $15.69. O-I Glass shares last traded at $15.97, with a volume of 699,708 shares.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and raised their price target for the stock from $14.00 to $17.00 in a research note on Monday, November 17th. Truist Financial increased their target price on O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a report on Thursday, January 22nd. Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Finally, Citigroup upped their price target on shares of O-I Glass from $14.00 to $17.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 6th. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $17.88.

O-I Glass Stock Performance

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 stock has a fifty day simple moving average of $15.25 and a two-hundred day simple moving average of $13.67. The firm has a market capitalization of $2.40 billion, a P/E ratio of -16.65, a P/E/G ratio of 0.20 and a beta of 0.78.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, February 10th. The industrial products company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. 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%.The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) earnings per share. On average, research analysts predict that O-I Glass, Inc. will post 1.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Deroy & Devereaux Private Investment Counsel Inc. purchased a new stake in O-I Glass during the third quarter worth approximately $18,496,000. Castleark Management LLC acquired a new stake in O-I Glass during the 2nd quarter worth $4,942,000. Knights of Columbus Asset Advisors LLC increased its stake in O-I Glass by 91.6% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 172,773 shares of the industrial products company’s stock valued at $2,241,000 after purchasing an additional 82,619 shares during the period. JPMorgan Chase & Co. raised its stake in O-I Glass by 123.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,145,980 shares of the industrial products company’s stock valued at $16,892,000 after acquiring an additional 633,875 shares during the last quarter. Finally, New Century Financial Group LLC purchased a new stake in O-I Glass during the 3rd quarter valued at approximately $1,061,000. 97.24% of the stock is owned by institutional investors.

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.