O-I Glass (NYSE:OI) Price Target Cut to $16.00 by Analysts at Wells Fargo & Company

O-I Glass (NYSE:OI) had its target price decreased by Wells Fargo & Company from $18.00 to $16.00 in a research note published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

A number of other brokerages have also issued reports on OI. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and increased their target price for the stock from $14.00 to $16.00 in a research report on Thursday, October 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 report on Wednesday, October 2nd. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Royal Bank of Canada reduced their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Finally, Barclays cut their price objective on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.38.

O-I Glass Price Performance

Shares of NYSE OI opened at $10.47 on Monday. The firm has a market cap of $1.62 billion, a P/E ratio of -3.79 and a beta of 1.21. The business’s 50 day moving average is $11.71 and its 200-day moving average is $11.97. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 3.18. O-I Glass has a 1-year low of $9.85 and a 1-year high of $17.58.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 EPS. Equities research analysts predict that O-I Glass will post 0.76 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in O-I Glass by 8.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock worth $78,952,000 after acquiring an additional 573,300 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of O-I Glass by 1.1% during the third quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock worth $46,827,000 after purchasing an additional 37,238 shares during the last quarter. Levin Capital Strategies L.P. raised its holdings in O-I Glass by 25.0% in the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock valued at $39,082,000 after buying an additional 703,308 shares during the last quarter. Private Management Group Inc. boosted its position in O-I Glass by 20.8% during the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after buying an additional 520,452 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new position in O-I Glass in the 3rd quarter valued at approximately $32,350,000. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.