Barclays Cuts O-I Glass (NYSE:OI) Price Target to $13.00

O-I Glass (NYSE:OI) had its price objective reduced by Barclays from $14.00 to $13.00 in a report issued on Thursday morning, Benzinga reports. Barclays currently has an equal weight rating on the industrial products company’s stock.

Other equities analysts also recently issued reports about the company. Wells Fargo & Company reduced their price objective on O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, July 17th. Citigroup increased their price target on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Robert W. Baird lowered their price target on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. UBS Group reduced their price objective on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Finally, Truist Financial reissued a “buy” rating and set a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and an average target price of $16.25.

O-I Glass Price Performance

Shares of NYSE OI opened at $11.24 on Thursday. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -4.07 and a beta of 1.20. The business has a 50 day simple moving average of $12.67 and a 200-day simple moving average of $12.42. The company has a current ratio of 1.23, a quick ratio of 0.75 and a debt-to-equity ratio of 3.18. O-I Glass has a twelve month low of $10.08 and a twelve month high of $17.58.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The business’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.80 earnings per share. As a group, equities research analysts expect that O-I Glass will post 0.75 earnings per share for the current year.

Insiders Place Their Bets

In other O-I Glass news, Director John Humphrey bought 15,000 shares of O-I Glass stock in a transaction dated Tuesday, August 6th. The stock was bought at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the acquisition, the director now directly owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.49% of the company’s stock.

Institutional Trading of O-I Glass

Several hedge funds and other institutional investors have recently modified their holdings of OI. Everence Capital Management Inc. lifted its stake in O-I Glass by 6.1% in the third quarter. Everence Capital Management Inc. now owns 15,550 shares of the industrial products company’s stock valued at $204,000 after acquiring an additional 890 shares during the last quarter. Diversified Trust Co raised its holdings in shares of O-I Glass by 2.0% during the 3rd quarter. Diversified Trust Co now owns 49,596 shares of the industrial products company’s stock valued at $651,000 after purchasing an additional 965 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of O-I Glass by 28.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 1,136 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in O-I Glass by 6.1% in the second quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company’s stock worth $224,000 after purchasing an additional 1,162 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in O-I Glass by 40.2% in the first quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company’s stock worth $76,000 after purchasing an additional 1,318 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

About O-I Glass

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.