O-I Glass, Inc. (NYSE:OI) Receives $17.30 Consensus Target Price from Analysts

O-I Glass, Inc. (NYSE:OI) has been given an average recommendation of “Moderate Buy” by the ten brokerages that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $17.30.

Several research analysts have commented on the company. Bank of America restated a “neutral” rating and set a $17.00 price objective (up from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. BNP Paribas set a $18.00 price objective on O-I Glass in a research report on Wednesday, June 25th. Citigroup raised their price objective on O-I Glass from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Thursday, July 3rd. Truist Financial set a $21.00 price target on O-I Glass and gave the stock a “buy” rating in a research report on Friday, July 11th. Finally, Wall Street Zen upgraded O-I Glass from a “hold” rating to a “buy” rating in a research note on Sunday, June 29th.

O-I Glass Price Performance

NYSE:OI opened at $14.45 on Monday. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of -11.46, a PEG ratio of 0.29 and a beta of 0.97. O-I Glass has a 1 year low of $9.23 and a 1 year high of $16.04. The business has a 50 day simple moving average of $14.09 and a 200-day simple moving average of $12.29. The company has a debt-to-equity ratio of 3.83, a current ratio of 1.24 and a quick ratio of 0.73.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.22. O-I Glass had a positive return on equity of 8.48% and a negative net margin of 2.98%. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the prior year, the business posted $0.45 earnings per share. The company’s revenue for the quarter was up .4% on a year-over-year basis. Equities analysts forecast that O-I Glass will post 1.33 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

Several institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue boosted its holdings in O-I Glass by 7.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 92,094 shares of the industrial products company’s stock worth $1,356,000 after buying an additional 6,726 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new position in O-I Glass in the second quarter valued at approximately $351,000. GAMMA Investing LLC lifted its holdings in O-I Glass by 31.7% in the second quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock valued at $50,000 after acquiring an additional 820 shares during the last quarter. Assenagon Asset Management S.A. raised its position in O-I Glass by 37.2% in the second quarter. Assenagon Asset Management S.A. now owns 443,414 shares of the industrial products company’s stock valued at $6,536,000 after purchasing an additional 120,227 shares during the period. Finally, Contravisory Investment Management Inc. purchased a new stake in O-I Glass in the second quarter valued at approximately $269,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

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.