O-I Glass (NYSE:OI) Posts Quarterly Earnings Results, Misses Expectations By $0.15 EPS

O-I Glass (NYSE:OI) posted its quarterly earnings results on Tuesday. The industrial products company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.15), Zacks reports. O-I Glass had a positive return on equity of 13.65% and a negative net margin of 2.91%.

O-I Glass Stock Performance

Shares of OI stock traded down $0.15 during mid-day trading on Tuesday, reaching $9.05. 5,030,287 shares of the company’s stock traded hands, compared to its average volume of 2,591,395. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.73 and a current ratio of 1.26. The firm has a market capitalization of $1.39 billion, a PE ratio of -7.42, a price-to-earnings-growth ratio of 1.10 and a beta of 0.62. O-I Glass has a 12 month low of $7.75 and a 12 month high of $16.91. The firm has a 50 day moving average price of $9.06 and a two-hundred day moving average price of $11.23.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Zacks Research raised O-I Glass from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings raised O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 15th. UBS Group lowered their price target on O-I Glass from $21.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, April 10th. Royal Bank Of Canada dropped their price target on shares of O-I Glass from $14.00 to $11.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Finally, Bank of America restated an “underperform” rating and issued a $11.00 price objective on shares of O-I Glass in a report on Tuesday, July 14th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $13.57.

Insider Activity at O-I Glass

In related news, SVP Eduardo Restrepo purchased 3,309 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was acquired at an average price of $8.98 per share, with a total value of $29,714.82. Following the completion of the acquisition, the senior vice president owned 94,199 shares of the company’s stock, valued at approximately $845,907.02. This trade represents a 3.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Darrow A. Abrahams acquired 2,774 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was bought at an average cost of $9.04 per share, for a total transaction of $25,076.96. Following the purchase, the senior vice president directly owned 235,928 shares of the company’s stock, valued at approximately $2,132,789.12. This trade represents a 1.19% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have purchased 17,083 shares of company stock worth $157,312. Corporate insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On O-I Glass

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. lifted its holdings in O-I Glass by 194.6% during the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock valued at $117,033,000 after purchasing an additional 5,244,440 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of O-I Glass during the 4th quarter valued at $40,090,000. Arrowstreet Capital Limited Partnership raised its position in shares of O-I Glass by 288.7% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,215,632 shares of the industrial products company’s stock valued at $47,463,000 after purchasing an additional 2,388,299 shares during the period. Bank of America Corp DE lifted its stake in shares of O-I Glass by 222.6% during the 2nd quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock valued at $32,520,000 after buying an additional 1,522,384 shares in the last quarter. Finally, Bridgeway Capital Management LLC purchased a new position in shares of O-I Glass during the 3rd quarter valued at $14,287,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.