O-I Glass (NYSE:OI) Shares Gap Down After Earnings Miss

O-I Glass, Inc. (NYSE:OI) shares gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $12.44, but opened at $11.56. O-I Glass shares last traded at $11.75, with a volume of 378,337 shares trading hands.

The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.07). The business had revenue of $1.68 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.80 earnings per share.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OI. UBS Group cut their price objective on O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Citigroup upped their price target on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Barclays lowered their price objective on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $16.63.

Insider Transactions at O-I Glass

In related news, Director John Humphrey purchased 15,000 shares of O-I Glass stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $11.30 per share, with a total value of $169,500.00. Following the purchase, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.49% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OI. Everence Capital Management Inc. raised its position in O-I Glass by 6.1% in the 3rd quarter. Everence Capital Management Inc. now owns 15,550 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 890 shares in the last quarter. Diversified Trust Co raised its holdings in O-I Glass by 2.0% in the third quarter. Diversified Trust Co now owns 49,596 shares of the industrial products company’s stock valued at $651,000 after acquiring an additional 965 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in O-I Glass by 28.4% in the third quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,136 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of O-I Glass by 6.1% during the 2nd 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 during the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of O-I Glass by 40.2% during the 1st quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company’s stock worth $76,000 after acquiring an additional 1,318 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

O-I Glass Stock Down 5.5 %

The firm has a 50-day moving average price of $12.73 and a two-hundred day moving average price of $12.48. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -7.82 and a beta of 1.17. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26.

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.