O-I Glass (NYSE:OI) Shares Down 5.5% – Should You Sell?

O-I Glass, Inc. (NYSE:OI) traded down 5.5% during mid-day trading on Tuesday. The stock traded as low as $4.88 and last traded at $4.9150. 2,087,654 shares traded hands during mid-day trading, a decline of 29% from the average session volume of 2,945,113 shares. The stock had previously closed at $5.20.

Wall Street Analyst Weigh In

OI has been the topic of several research reports. Bank of America lowered O-I Glass from a “buy” rating to an “underperform” rating and set a $11.00 price objective on the stock. in a report on Tuesday, July 14th. Citigroup reduced their target price on O-I Glass from $9.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, October 29th. BNP Paribas Exane downgraded O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 target price for the company. in a report on Thursday, July 30th. Wells Fargo & Company decreased their target price on O-I Glass from $12.00 to $10.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Finally, Weiss Ratings downgraded O-I Glass from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, October 21st. Three research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.81.

O-I Glass Stock Performance

The stock has a market cap of $752.17 million, a PE ratio of -0.63, a P/E/G ratio of 2.16 and a beta of 0.68. The firm’s 50-day moving average is $6.24 and its 200 day moving average is $9.48. The company has a debt-to-equity ratio of 8.84, a quick ratio of 0.77 and a current ratio of 1.28.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, October 27th. The industrial products company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.25). O-I Glass had a negative net margin of 18.89% and a positive return on equity of 3.74%. The business had revenue of $1.62 billion during the quarter, compared to analyst estimates of $1.64 billion. During the same quarter in the prior year, the firm posted $0.48 earnings per share. The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts anticipate that O-I Glass, Inc. will post 0.06 EPS for the current year.

Institutional Investors Weigh In On O-I Glass

Several hedge funds have recently modified their holdings of the stock. Fortitude Family Office LLC raised its position in O-I Glass by 5,036.0% during the 3rd quarter. Fortitude Family Office LLC now owns 4,417 shares of the industrial products company’s stock worth $25,000 after buying an additional 4,331 shares during the last quarter. Optiver Holding B.V. boosted 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 acquiring an additional 2,074 shares in the last quarter. Wealth Enhancement Trust Services Inc. boosted its holdings in shares of O-I Glass by 57.3% in the third quarter. Wealth Enhancement Trust Services Inc. now owns 5,825 shares of the industrial products company’s stock valued at $33,000 after acquiring an additional 2,121 shares in the last quarter. Fiduciary Financial Advisors acquired a new position in shares of O-I Glass during the second quarter worth about $34,000. Finally, Farther Finance Advisors LLC increased its stake in shares of O-I Glass by 69.4% during the third quarter. Farther Finance Advisors LLC now owns 7,336 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 3,006 shares during the period. 97.24% of the stock is owned by institutional investors and hedge funds.

About O-I Glass

O-I Glass, Inc is a global manufacturer of glass packaging products. The company produces glass bottles and jars primarily for the food, beverage, beer, wine, spirits, and pharmaceutical industries, serving brand owners and consumer-products companies.

Its products are designed to provide packaging, preservation, and presentation for a range of consumer goods. O-I also offers glass packaging in various shapes, sizes, and colors, including custom solutions developed for individual brands.

The company traces its history to the Owens Bottle Company, founded in 1903, and the Illinois Glass Company.