Citigroup Raises O-I Glass (NYSE:OI) Price Target to $15.00

by · The Cerbat Gem

O-I Glass (NYSE:OI – Free Report) had its target price boosted by Citigroup from $14.00 to $15.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the industrial products company’s stock.

Other analysts also recently issued reports about the stock. Truist Financial restated a buy rating and set a $16.00 price objective (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Robert W. Baird decreased their price target on O-I Glass from $22.00 to $18.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Royal Bank of Canada dropped their price objective on O-I Glass from $20.00 to $18.00 and set an outperform rating for the company in a research note on Monday, August 5th. Barclays decreased their target price on O-I Glass from $15.00 to $14.00 and set an equal weight rating on the stock in a research note on Thursday, August 1st. Finally, UBS Group dropped their price target on O-I Glass from $26.00 to $18.00 and set a buy rating for the company in a research note on Wednesday, July 17th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, O-I Glass presently has an average rating of Moderate Buy and an average target price of $16.63.

Read Our Latest Stock Analysis on OI

O-I Glass Stock Performance

Shares of NYSE OI opened at $13.19 on Wednesday. O-I Glass has a 12-month low of $10.08 and a 12-month high of $17.58. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -8.30, a price-to-earnings-growth ratio of 1.92 and a beta of 1.17. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85. The firm has a 50 day moving average of $12.41 and a 200 day moving average of $12.89.

O-I Glass (NYSE:OI – Get Free Report) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the firm earned $0.88 EPS. O-I Glass’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, research analysts anticipate that O-I Glass will post 1.13 earnings per share for the current year.

Insider Activity

In other O-I Glass news, Director John Humphrey purchased 15,000 shares of the firm’s stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 84,227 shares in the company, valued at $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 1.49% of the company’s stock.

Institutional Investors Weigh In On O-I Glass

Several institutional investors have recently modified their holdings of OI. Vanguard Group Inc. increased its position in shares of O-I Glass by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock valued at $321,220,000 after purchasing an additional 221,823 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of O-I Glass by 8.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after acquiring an additional 573,300 shares during the period. Levin Capital Strategies L.P. raised its stake in shares of O-I Glass by 25.0% in the second 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 acquiring an additional 703,308 shares during the period. Private Management Group Inc. lifted its holdings in shares of O-I Glass by 21.3% in the 2nd quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock worth $27,884,000 after acquiring an additional 439,838 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of O-I Glass by 27.5% during the 2nd 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. 97.24% of the stock is owned by institutional investors.

About O-I Glass

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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.

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