O-I Glass (NYSE:OI) Raised to “Hold” at StockNews.com

O-I Glass (NYSE:OI) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

Other equities analysts also recently issued reports about the company. Bank of America raised 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 note on Thursday, October 17th. Wells Fargo & Company reduced their target price on O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. Barclays lowered their price target on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Robert W. Baird reduced their price objective on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, UBS Group lowered their target price on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.25.

O-I Glass Stock Performance

NYSE:OI opened at $12.77 on Tuesday. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -4.63 and a beta of 1.20. The firm’s fifty day moving average price is $12.65 and its 200 day moving average price is $12.29. O-I Glass has a 1-year low of $10.08 and a 1-year 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) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The firm had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the firm earned $0.80 EPS. The firm’s revenue was down 3.7% on a year-over-year basis. On average, sell-side analysts expect that O-I Glass will post 0.75 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

Several hedge funds and other institutional investors have recently modified their holdings of OI. Harbor Capital Advisors Inc. purchased a new position in shares of O-I Glass in the 3rd quarter valued at $27,000. Headlands Technologies LLC acquired a new stake in O-I Glass in the 1st quarter valued at $39,000. GAMMA Investing LLC raised its position in O-I Glass by 371.0% in the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 1,892 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of O-I Glass by 1,337.5% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 2,675 shares in the last quarter. Finally, Bessemer Group Inc. boosted its position in shares of 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 buying an additional 1,318 shares during the period. 97.24% of the stock is owned by institutional investors and hedge funds.

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.