Zacks Research Brokers Cut Earnings Estimates for O-I Glass

O-I Glass, Inc. (NYSE:OI) – Analysts at Zacks Research reduced their FY2024 EPS estimates for O-I Glass in a research report issued to clients and investors on Tuesday, November 12th. Zacks Research analyst M. Das now anticipates that the industrial products company will post earnings of $0.77 per share for the year, down from their previous forecast of $1.17. The consensus estimate for O-I Glass’ current full-year earnings is $0.75 per share. Zacks Research also issued estimates for O-I Glass’ Q4 2024 earnings at ($0.08) EPS, Q2 2025 earnings at $0.34 EPS, Q4 2025 earnings at $0.37 EPS and FY2025 earnings at $1.45 EPS.

Other analysts have also recently issued research reports about the stock. Robert W. Baird reduced their price objective on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday. Citigroup upped their price target on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Royal Bank of Canada dropped their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, Truist Financial reaffirmed a “buy” rating and set a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Price Performance

O-I Glass stock opened at $12.97 on Friday. The stock’s fifty day moving average price is $12.68 and its two-hundred day moving average price is $12.27. The firm has a market cap of $2.01 billion, a PE ratio of -4.70 and a beta of 1.20. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. O-I Glass has a one year low of $10.08 and a one year high of $17.58.

O-I Glass (NYSE:OI) last released 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). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the company posted $0.80 earnings per share. The company’s revenue was down 3.7% on a year-over-year basis.

Hedge Funds Weigh In On O-I Glass

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings 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 worth $321,220,000 after buying an additional 221,823 shares during the last quarter. Dimensional Fund Advisors LP grew its position in 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 worth $78,952,000 after acquiring an additional 573,300 shares during the period. Levin Capital Strategies L.P. increased its stake in O-I Glass by 25.0% during the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock worth $39,082,000 after acquiring an additional 703,308 shares during the last quarter. Private Management Group Inc. raised its position in 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 valued at $39,698,000 after purchasing an additional 520,452 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of O-I Glass in the 3rd quarter valued at $32,350,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

About O-I Glass

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.