O-I Glass (NYSE:OI) Posts Earnings Results, Misses Expectations By $0.07 EPS

O-I Glass (NYSE:OI) announced its quarterly earnings results on Tuesday. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.07), Briefing.com reports. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the firm posted $0.80 earnings per share. O-I Glass updated its FY24 guidance to $0.70-0.80 EPS and its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Stock Performance

NYSE OI traded down $0.51 during trading hours on Wednesday, hitting $11.93. 1,983,396 shares of the company’s stock traded hands, compared to its average volume of 1,682,975. O-I Glass has a 52 week low of $10.08 and a 52 week high of $17.58. The firm has a market capitalization of $1.86 billion, a P/E ratio of -7.35 and a beta of 1.17. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85. The business’s fifty day moving average price is $12.73 and its two-hundred day moving average price is $12.48.

Insider Transactions at O-I Glass

In related news, Director John Humphrey acquired 15,000 shares of the stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average cost of $11.30 per share, with a total value of $169,500.00. Following the transaction, the director now directly owns 84,227 shares in the company, valued at approximately $951,765.10. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wells Fargo & Company lowered their target price 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. Barclays dropped their price target on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Robert W. Baird lowered their target price on 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. 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 research note on Wednesday, July 17th. Finally, StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.63.

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.