Royal Bank of Canada Issues Pessimistic Forecast for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its target price dropped by Royal Bank of Canada from $18.00 to $16.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 42.35% from the company’s previous close.

OI has been the subject of a number of other research reports. UBS Group decreased their price target on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Robert W. Baird dropped their target price on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and lifted their target price for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. Truist Financial restated a “buy” rating and set a $16.00 price target (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Finally, Barclays decreased their target price on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Price Performance

Shares of OI traded up $0.13 during trading hours on Friday, reaching $11.24. 401,382 shares of the stock traded hands, compared to its average volume of 1,687,095. The company has a current ratio of 1.23, a quick ratio of 0.75 and a debt-to-equity ratio of 3.18. The company has a market cap of $1.75 billion, a P/E ratio of -4.07 and a beta of 1.17. The company’s 50-day moving average price is $12.70 and its two-hundred day moving average price is $12.46. O-I Glass has a 52-week low of $10.08 and a 52-week high of $17.58.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS 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 negative net margin of 6.34% and a positive return on equity of 9.16%. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.80 earnings per share. On average, analysts anticipate that O-I Glass will post 0.75 earnings per share for the current year.

Insiders Place Their Bets

In other O-I Glass news, Director John Humphrey bought 15,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were bought at an average price of $11.30 per share, with a total value of $169,500.00. Following the purchase, the director now directly owns 84,227 shares in the company, valued at $951,765.10. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.49% of the stock is owned by company insiders.

Institutional Trading of O-I Glass

Several large investors have recently made changes to their positions in the business. Levin Capital Strategies L.P. boosted its position in O-I Glass by 66.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company’s stock worth $46,586,000 after acquiring an additional 1,116,340 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in O-I Glass during the 1st quarter valued at $14,603,000. Dimensional Fund Advisors LP increased 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 buying an additional 573,300 shares during the period. Private Management Group Inc. increased its position in shares of O-I Glass by 20.8% in the third quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after purchasing an additional 520,452 shares during the period. Finally, Millennium Management LLC increased its position in shares of O-I Glass by 27.5% in the second quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock worth $21,875,000 after purchasing an additional 424,102 shares during the period. Institutional investors own 97.24% of the company’s stock.

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.