O-I Glass (NYSE:OI) Downgraded by Wall Street Zen to “Buy”

O-I Glass (NYSE:OI) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Sunday.

OI has been the subject of several other research reports. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $14.00 to $17.00 in a research note on Monday, November 17th. Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 25th. Truist Financial cut their target price on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company lifted their price objective on O-I Glass from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.67.

O-I Glass Price Performance

Shares of NYSE:OI opened at $14.94 on Friday. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of -15.89, a price-to-earnings-growth ratio of 0.23 and a beta of 0.78. 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 business’s 50 day simple moving average is $13.43 and its 200-day simple moving average is $13.50. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.04.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share for the quarter. The firm had revenue of $1.59 billion during the quarter. O-I Glass had a positive return on equity of 16.02% and a negative net margin of 2.26%. As a group, equities analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

Hedge funds have recently added to or reduced their stakes in the business. American Century Companies Inc. increased its holdings in O-I Glass by 11.0% in the 1st quarter. American Century Companies Inc. now owns 326,153 shares of the industrial products company’s stock valued at $3,741,000 after purchasing an additional 32,339 shares in the last quarter. Ieq Capital LLC purchased a new stake in shares of O-I Glass in the first quarter worth about $303,000. Trexquant Investment LP acquired a new stake in shares of O-I Glass in the first quarter valued at about $2,167,000. Nomura Holdings Inc. purchased a new stake in shares of O-I Glass during the 1st quarter valued at about $850,000. Finally, Royal Bank of Canada lifted its position in O-I Glass by 33.9% during the 1st quarter. Royal Bank of Canada now owns 112,800 shares of the industrial products company’s stock worth $1,294,000 after acquiring an additional 28,548 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

About O-I Glass

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.