O-I Glass (NYSE:OI) Cut to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company downgraded shares of O-I Glass (NYSE:OI) from an overweight rating to an equal weight rating in a research report released on Friday, Marketbeat reports. Wells Fargo & Company currently has $13.00 target price on the industrial products company’s stock, down from their prior target price of $18.00.

OI has been the subject of several other reports. Royal Bank Of Canada lowered their price objective on O-I Glass from $19.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, February 26th. Zacks Research downgraded O-I Glass from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Robert W. Baird set a $20.00 price target on O-I Glass in a research note on Thursday, February 12th. Truist Financial increased their price target on O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. Finally, UBS Group reissued a “buy” rating and set a $21.00 price objective on shares of O-I Glass in a research report on Thursday, February 12th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $17.56.

O-I Glass Price Performance

Shares of OI stock opened at $9.85 on Friday. The company has a debt-to-equity ratio of 3.35, a current ratio of 1.25 and a quick ratio of 0.77. The company has a market capitalization of $1.50 billion, a PE ratio of -11.72, a price-to-earnings-growth ratio of 0.64 and a beta of 0.82. The firm’s 50-day moving average is $14.08 and its two-hundred day moving average is $13.60. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.91.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.52 billion. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The business’s revenue for the quarter was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) EPS. Analysts predict that O-I Glass will post 1.33 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

Several hedge funds have recently bought and sold shares of OI. Farther Finance Advisors LLC boosted its holdings in O-I Glass by 87.6% during the 4th quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 830 shares during the period. Headlands Technologies LLC purchased a new stake in O-I Glass during the second quarter worth about $29,000. Quarry LP acquired a new stake in shares of O-I Glass during the fourth quarter worth about $32,000. Caitong International Asset Management Co. Ltd lifted its position in shares of O-I Glass by 36,533.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,198 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 2,192 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of O-I Glass in the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

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.