O-I Glass (NYSE:OI) Price Target Lowered to $10.00 at Truist Financial

O-I Glass (NYSE:OI) had its price objective dropped by equities research analysts at Truist Financial from $13.00 to $10.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Truist Financial’s target price would indicate a potential upside of 35.41% from the stock’s current price.

A number of other equities research analysts also recently issued reports on OI. Robert W. Baird set a $13.00 price objective on shares of O-I Glass in a research report on Thursday. Zacks Research upgraded O-I Glass from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Citigroup cut their price target on O-I Glass from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Monday, May 4th. Weiss Ratings upgraded O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company decreased their price objective on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.69.

O-I Glass Stock Performance

Shares of O-I Glass stock traded down $0.32 during trading hours on Thursday, reaching $7.38. 1,968,400 shares of the stock traded hands, compared to its average volume of 2,650,616. O-I Glass has a one year low of $7.19 and a one year high of $16.91. The firm has a market capitalization of $1.13 billion, a price-to-earnings ratio of -0.98, a P/E/G ratio of 1.09 and a beta of 0.62. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 3.35. The company has a 50 day moving average price of $9.05 and a 200 day moving average price of $11.13.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a negative net margin of 18.13% and a positive return on equity of 8.76%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm posted $0.53 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities research analysts expect that O-I Glass will post 1.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Eduardo Restrepo acquired 3,309 shares of O-I Glass stock in a transaction dated Thursday, May 14th. The shares were purchased at an average price of $8.98 per share, for a total transaction of $29,714.82. Following the completion of the transaction, the senior vice president directly owned 94,199 shares in the company, valued at approximately $845,907.02. This represents a 3.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Randolph L. Burns bought 11,000 shares of the stock in a transaction dated Friday, May 8th. The stock was bought at an average cost of $9.32 per share, for a total transaction of $102,520.00. Following the acquisition, the senior vice president directly owned 133,932 shares of the company’s stock, valued at approximately $1,248,246.24. This represents a 8.95% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 17,083 shares of company stock worth $157,312 in the last three months. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in shares of 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 worth $26,000 after acquiring an additional 830 shares in the last quarter. Optiver Holding B.V. grew its holdings in shares of O-I Glass by 491.5% in the first quarter. Optiver Holding B.V. now owns 2,496 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 2,074 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of O-I Glass in the second quarter valued at $29,000. Quarry LP bought a new stake in O-I Glass in the fourth quarter worth $32,000. Finally, Caitong International Asset Management Co. Ltd raised its stake in 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 valued at $32,000 after purchasing an additional 2,192 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Company Profile

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.