Wells Fargo & Company Forecasts Strong Price Appreciation for O-I Glass (NYSE:OI) Stock

O-I Glass (NYSE:OI) had its target price raised by stock analysts at Wells Fargo & Company from $14.00 to $15.00 in a report released on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 16.50% from the stock’s current price.

OI has been the subject of a number of other reports. Truist Financial dropped their price objective on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a report on Monday, October 13th. UBS Group restated a “buy” rating and set a $19.00 price target (up previously from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Bank of America reiterated a “neutral” rating and issued a $17.00 price objective (up from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research report on Wednesday, October 8th. Finally, Wall Street Zen downgraded O-I Glass from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $16.67.

O-I Glass Stock Performance

Shares of OI opened at $12.88 on Thursday. O-I Glass has a 12-month low of $9.23 and a 12-month high of $16.04. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The company has a market cap of $1.98 billion, a PE ratio of -7.80, a price-to-earnings-growth ratio of 0.22 and a beta of 0.89. The stock has a 50-day moving average price of $12.52 and a 200-day moving average price of $13.28.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share for the quarter. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The company had revenue of $1.59 billion for the quarter. 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

Several hedge funds and other institutional investors have recently bought and sold shares of OI. Vanguard Group Inc. boosted its stake in shares of O-I Glass by 3.7% during the third quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock valued at $250,959,000 after purchasing an additional 691,989 shares during the period. State of New Jersey Common Pension Fund D raised its holdings in O-I Glass by 14.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 163,369 shares of the industrial products company’s stock valued at $2,119,000 after buying an additional 20,576 shares during the last quarter. Public Sector Pension Investment Board boosted its position in O-I Glass by 29.1% during the 3rd quarter. Public Sector Pension Investment Board now owns 680,559 shares of the industrial products company’s stock valued at $8,827,000 after buying an additional 153,199 shares during the period. Illinois Municipal Retirement Fund grew its holdings in O-I Glass by 7.1% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 83,223 shares of the industrial products company’s stock worth $1,079,000 after acquiring an additional 5,482 shares during the last quarter. Finally, Bryce Point Capital LLC bought a new stake in O-I Glass in the 3rd quarter worth $533,000. 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.