O-I Glass (NYSE:OI) Raised to Buy at Bank of America

Bank of America upgraded shares of O-I Glass (NYSE:OI) from a neutral rating to a buy rating in a research report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $16.00 price objective on the industrial products company’s stock, up from their prior price objective of $14.00.

Other research analysts have also recently issued reports about the stock. Barclays dropped their target price on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Robert W. Baird dropped their price target on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Truist Financial restated a “buy” rating and set a $16.00 price target (down from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Citigroup upped their price target on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and a consensus target price of $16.63.

O-I Glass Stock Up 0.7 %

OI opened at $13.18 on Thursday. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of -6.86, a PEG ratio of 1.90 and a beta of 1.17. O-I Glass has a twelve month low of $10.08 and a twelve month high of $17.58. The company’s 50-day moving average price is $12.67 and its two-hundred day moving average price is $12.68.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 earnings per share. As a group, equities analysts expect that O-I Glass will post 1.13 earnings per share for the current year.

Insider Buying and Selling

In other news, Director John Humphrey bought 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average price of $11.30 per share, with a total value of $169,500.00. Following the acquisition, the director now owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.49% of the stock is currently owned by insiders.

Institutional Trading of O-I Glass

A number of hedge funds and other institutional investors have recently bought and sold shares of OI. Goldman Sachs Group Inc. increased its holdings in shares of O-I Glass by 8.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,474,863 shares of the industrial products company’s stock worth $24,158,000 after buying an additional 115,728 shares during the last quarter. Thompson Investment Management Inc. increased its holdings in shares of O-I Glass by 84.2% in the 1st quarter. Thompson Investment Management Inc. now owns 393,883 shares of the industrial products company’s stock worth $6,535,000 after buying an additional 180,093 shares during the last quarter. Hennessy Advisors Inc. increased its holdings in shares of O-I Glass by 44.0% in the 1st quarter. Hennessy Advisors Inc. now owns 204,300 shares of the industrial products company’s stock worth $3,389,000 after buying an additional 62,400 shares during the last quarter. Diversified Trust Co increased its holdings in shares of O-I Glass by 15.1% in the 1st quarter. Diversified Trust Co now owns 45,772 shares of the industrial products company’s stock worth $759,000 after buying an additional 6,020 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of O-I Glass in the 1st quarter worth $2,258,000. 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.