Robert W. Baird Trims O-I Glass (NYSE:OI) Target Price to $22.00

O-I Glass (NYSE:OI) had its price objective decreased by research analysts at Robert W. Baird from $28.00 to $22.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Robert W. Baird’s price target suggests a potential upside of 67.05% from the stock’s current price.

OI has been the subject of several other reports. TheStreet downgraded shares of O-I Glass from a “b-” rating to a “c-” rating in a report on Tuesday, February 6th. Truist Financial reissued a “buy” rating and issued a $20.00 target price on shares of O-I Glass in a research note on Monday, March 25th. Bank of America reiterated a “neutral” rating and set a $16.00 price target (down from $21.00) on shares of O-I Glass in a report on Friday, April 19th. Citigroup lowered shares of O-I Glass from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $17.00 to $18.00 in a research report on Wednesday, January 3rd. Finally, Barclays raised their target price on shares of O-I Glass from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, O-I Glass currently has a consensus rating of “Hold” and an average target price of $19.89.

O-I Glass Price Performance

Shares of NYSE OI traded up $0.08 during midday trading on Thursday, hitting $13.17. The company had a trading volume of 1,483,504 shares, compared to its average volume of 1,925,177. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -8.28, a price-to-earnings-growth ratio of 1.22 and a beta of 1.36. O-I Glass has a twelve month low of $12.40 and a twelve month high of $23.57. The business has a 50-day simple moving average of $15.71 and a two-hundred day simple moving average of $15.54. The company has a quick ratio of 0.77, a current ratio of 1.02 and a debt-to-equity ratio of 2.26.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same period last year, the firm earned $1.29 EPS. Equities research analysts anticipate that O-I Glass will post 1.75 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of O-I Glass in the fourth quarter worth $27,562,000. Assenagon Asset Management S.A. increased its holdings in O-I Glass by 132.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company’s stock valued at $32,807,000 after purchasing an additional 1,141,680 shares in the last quarter. Luminus Management LLC increased its holdings in O-I Glass by 69.4% in the 3rd quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company’s stock valued at $35,814,000 after purchasing an additional 877,172 shares in the last quarter. Dimensional Fund Advisors LP raised its position in O-I Glass by 12.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock valued at $108,358,000 after purchasing an additional 728,493 shares during the period. Finally, Cooper Creek Partners Management LLC lifted its stake in shares of O-I Glass by 39.6% during the third quarter. Cooper Creek Partners Management LLC now owns 2,200,187 shares of the industrial products company’s stock worth $36,809,000 after purchasing an additional 623,705 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.