O-I Glass (NYSE:OI) Upgraded to Buy at Bank of America

Bank of America upgraded shares of O-I Glass (NYSE:OI) from a neutral rating to a buy rating in a research note released on Thursday, Marketbeat reports. Bank of America currently has $16.00 price objective on the industrial products company’s stock, up from their previous price objective of $14.00.

A number of other equities research analysts have also issued reports on the company. Royal Bank of Canada decreased their price target 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. Citigroup raised their price objective on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Robert W. Baird reduced their price objective 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. Finally, Wells Fargo & Company reduced their price objective on O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Three 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 a consensus rating of “Moderate Buy” and an average price target of $16.63.

O-I Glass Price Performance

NYSE:OI opened at $13.18 on Thursday. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -6.86, a PEG ratio of 1.90 and a beta of 1.17. O-I Glass has a 1 year low of $10.08 and a 1 year high of $17.58. The business has a 50 day simple moving average of $12.67 and a 200-day simple moving average of $12.65. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.77 billion. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The company’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same period last year, the company earned $0.88 EPS. Equities analysts forecast that O-I Glass will post 1.13 EPS for the current year.

Insiders Place Their Bets

In related news, Director John Humphrey acquired 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average price of $11.30 per share, with a total value of $169,500.00. Following the acquisition, the director now directly owns 84,227 shares in the company, valued at $951,765.10. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On O-I Glass

A number of large investors have recently bought and sold shares of OI. Goldman Sachs Group Inc. raised its holdings in O-I Glass by 8.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,474,863 shares of the industrial products company’s stock worth $24,158,000 after purchasing an additional 115,728 shares during the period. Thompson Investment Management Inc. raised its holdings in O-I Glass by 84.2% in the 1st quarter. Thompson Investment Management Inc. now owns 393,883 shares of the industrial products company’s stock worth $6,535,000 after purchasing an additional 180,093 shares during the period. Hennessy Advisors Inc. raised its holdings in O-I Glass by 44.0% in the 1st quarter. Hennessy Advisors Inc. now owns 204,300 shares of the industrial products company’s stock worth $3,389,000 after purchasing an additional 62,400 shares during the period. Diversified Trust Co raised its holdings in O-I Glass by 15.1% in the 1st quarter. Diversified Trust Co now owns 45,772 shares of the industrial products company’s stock worth $759,000 after purchasing an additional 6,020 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in O-I Glass in the 1st quarter worth about $2,258,000. Institutional investors and hedge funds 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.