Truist Financial Reiterates Buy Rating for O-I Glass (NYSE:OI)

Truist Financial reissued their buy rating on shares of O-I Glass (NYSE:OI) in a research note released on Thursday morning, Benzinga reports. The firm currently has a $16.00 price objective on the industrial products company’s stock, down from their prior price objective of $17.00.

OI has been the topic of a number of other research reports. Robert W. Baird decreased their target price on shares of O-I Glass from $22.00 to $18.00 and set an outperform rating on the stock in a research report on Thursday. UBS Group decreased their target price on shares of O-I Glass from $26.00 to $18.00 and set a buy rating on the stock in a research report on Wednesday, July 17th. Wells Fargo & Company decreased their target price on shares of O-I Glass from $19.00 to $18.00 and set an overweight rating on the stock in a research report on Wednesday, July 17th. Bank of America reaffirmed a neutral rating and set a $16.00 price target (down previously from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Finally, Royal Bank of Canada cut their price target on shares of O-I Glass from $25.00 to $21.00 and set an outperform rating on the stock in a research note on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $17.22.

O-I Glass Stock Down 2.1 %

OI stock opened at $12.26 on Thursday. The company’s 50 day simple moving average is $11.55 and its 200-day simple moving average is $13.98. The firm has a market capitalization of $1.90 billion, a PE ratio of -7.71, a P/E/G ratio of 1.27 and a beta of 1.24. O-I Glass has a 12 month low of $10.08 and a 12 month high of $20.86. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.56.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.77 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.88 earnings per share. Equities analysts expect that O-I Glass will post 1.6 earnings per share for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

A number of hedge funds have recently made changes to their positions in OI. Vanguard Group Inc. increased its stake in O-I Glass by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock worth $321,220,000 after buying an additional 221,823 shares during the period. Dimensional Fund Advisors LP increased its stake in O-I Glass by 12.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock worth $108,358,000 after buying an additional 728,493 shares during the period. Levin Capital Strategies L.P. increased its stake in O-I Glass by 66.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company’s stock worth $46,586,000 after buying an additional 1,116,340 shares during the period. Assenagon Asset Management S.A. increased its stake in O-I Glass by 32.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,644,360 shares of the industrial products company’s stock worth $43,870,000 after buying an additional 641,493 shares during the period. Finally, Private Management Group Inc. increased its stake in O-I Glass by 0.7% during the 1st quarter. Private Management Group Inc. now owns 2,065,441 shares of the industrial products company’s stock worth $34,266,000 after buying an additional 13,555 shares during the period. Hedge funds and other institutional investors 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.