Shares of O-I Glass, Inc. (NYSE:OI – Get Free Report) traded up 5.8% during mid-day trading on Thursday. The company traded as high as $6.16 and last traded at $6.1150. 2,207,259 shares changed hands during trading, a decline of 22% from the average daily volume of 2,821,998 shares. The stock had previously closed at $5.78.
Analyst Ratings Changes
Several analysts have weighed in on OI shares. Citigroup raised shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $8.00 to $9.00 in a research report on Friday, August 21st. Zacks Research raised O-I Glass from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Wells Fargo & Company dropped their price target on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. BNP Paribas Exane cut O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price objective for the company. in a research note on Thursday, July 30th. Finally, Royal Bank Of Canada downgraded shares of O-I Glass from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $10.00 to $8.00 in a report on Thursday, August 13th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $9.69.
View Our Latest Research Report on OI
O-I Glass Stock Up 4.8%
O-I Glass (NYSE:OI – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 EPS 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 analyst estimates of $1.68 billion. O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 EPS. On average, equities analysts forecast that O-I Glass, Inc. will post 0.37 EPS for the current year.
Hedge Funds Weigh In On O-I Glass
Several hedge funds and other institutional investors have recently modified their holdings of OI. Optiver Holding B.V. raised its holdings in shares of O-I Glass by 491.5% during the 1st quarter. Optiver Holding B.V. now owns 2,496 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 2,074 shares during the period. Wealth Enhancement Trust Services Inc. raised its position in shares of O-I Glass by 57.3% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 5,825 shares of the industrial products company’s stock valued at $33,000 after buying an additional 2,121 shares during the period. Fiduciary Financial Advisors purchased a new position in O-I Glass in the second quarter worth approximately $34,000. Global Retirement Partners LLC purchased a new position in O-I Glass in the second quarter worth approximately $44,000. Finally, Ieq Capital LLC purchased a new stake in O-I Glass in the second quarter valued at $106,000. 97.24% of the stock is owned by hedge funds and other institutional investors.
About O-I Glass
O-I Glass, Inc (NYSE: OI) is a global manufacturer of glass packaging. The company produces glass bottles and jars for food, beverages, beer, wine, spirits, pharmaceuticals and other consumer products, serving brand owners and manufacturers that use glass containers for packaging.
The company operates glass-container manufacturing facilities and provides related design, engineering and packaging services. Its products are used across a range of markets and geographies, including North and South America, Europe and other international markets.
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