O-I Glass (NYSE:OI) Sets New 1-Year Low – What’s Next?

O-I Glass, Inc. (NYSE:OI)’s share price hit a new 52-week low on Monday. The stock traded as low as $5.31 and last traded at $5.3480, with a volume of 269002 shares traded. The stock had previously closed at $5.60.

Wall Street Analyst Weigh In

A number of research firms have commented on OI. Weiss Ratings upgraded O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday. Truist Financial lowered their price target on O-I Glass from $13.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, July 30th. Robert W. Baird set a $13.00 price objective on O-I Glass in a research report on Thursday, July 30th. Citigroup upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $8.00 to $9.00 in a report on Friday, August 21st. Finally, Zacks Research raised shares of O-I Glass from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $9.69.

O-I Glass Stock Up 3.3%

The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.77. The business has a 50 day simple moving average of $6.67 and a 200 day simple moving average of $8.50. The company has a market capitalization of $884.31 million, a price-to-earnings ratio of -0.77, a PEG ratio of 2.07 and a beta of 0.68.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the business earned $0.53 earnings per share. The company’s quarterly revenue was down 2.2% on a year-over-year basis. As a group, equities analysts predict that O-I Glass, Inc. will post 0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

Several institutional investors have recently bought and sold shares of OI. Sequoia Financial Advisors LLC purchased a new stake in O-I Glass during the second quarter worth about $139,000. IPG Investment Advisors LLC boosted its stake in shares of O-I Glass by 4.7% in the second quarter. IPG Investment Advisors LLC now owns 548,063 shares of the industrial products company’s stock valued at $5,278,000 after purchasing an additional 24,705 shares during the period. Waverly Advisors LLC purchased a new position in shares of O-I Glass in the second quarter valued at approximately $135,000. Corient Private Wealth LP acquired a new position in shares of O-I Glass in the second quarter valued at approximately $254,000. Finally, Amundi grew its holdings in shares of O-I Glass by 5.3% in the second quarter. Amundi now owns 178,649 shares of the industrial products company’s stock valued at $1,721,000 after purchasing an additional 8,921 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

About O-I Glass

O-I Glass, Inc (NYSE: OI) is a global manufacturer of glass packaging. The company produces glass bottles and jars for food, beverages, beer, wine, spirits, pharmaceuticals and other consumer products, serving brand owners and manufacturers that use glass containers for packaging.

The company operates glass-container manufacturing facilities and provides related design, engineering and packaging services. Its products are used across a range of markets and geographies, including North and South America, Europe and other international markets.