Shares of O-I Glass, Inc. (NYSE:OI – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $6.38, but opened at $6.82. O-I Glass shares last traded at $7.17, with a volume of 570,409 shares traded.
Wall Street Analysts Forecast Growth
OI has been the topic of a number of recent research reports. Wells Fargo & Company decreased their price objective on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 15th. Truist Financial dropped their target price on O-I Glass from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Royal Bank Of Canada lowered O-I Glass from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $10.00 to $8.00 in a research note on Thursday, August 13th. Citigroup upgraded O-I Glass from a “neutral” rating to a “buy” rating and set a $9.00 price target on the stock in a report on Friday. Finally, Bank of America reiterated an “underperform” rating and issued a $11.00 price objective on shares of O-I Glass in a research report on Tuesday, July 14th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $10.31.
O-I Glass Trading Up 11.4%
O-I Glass (NYSE:OI – Get Free Report) last released its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.15). The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm’s revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 EPS. Analysts anticipate that O-I Glass, Inc. will post 0.42 EPS for the current year.
Hedge Funds Weigh In On O-I Glass
Hedge funds and other institutional investors have recently made changes to their positions in the company. Oarsman Capital Inc. grew its holdings in shares of O-I Glass by 57.4% in the 2nd quarter. Oarsman Capital Inc. now owns 111,650 shares of the industrial products company’s stock valued at $1,075,000 after buying an additional 40,725 shares during the period. Two Sigma Securities LLC acquired a new stake in O-I Glass during the 2nd quarter worth $149,000. Private Management Group Inc. raised its stake in O-I Glass by 6.6% during the 2nd quarter. Private Management Group Inc. now owns 3,083,693 shares of the industrial products company’s stock worth $29,696,000 after buying an additional 189,939 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in O-I Glass by 57.0% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 470,229 shares of the industrial products company’s stock worth $4,528,000 after acquiring an additional 170,764 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in O-I Glass by 30.7% during the second quarter. Hsbc Holdings PLC now owns 19,507 shares of the industrial products company’s stock worth $188,000 after acquiring an additional 4,587 shares in the last quarter. 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.
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