O-I Glass (NYSE:OI) Shares Gap Up on Strong Earnings

O-I Glass, Inc. (NYSE:OI) gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $11.73, but opened at $12.37. O-I Glass shares last traded at $11.98, with a volume of 85,253 shares traded.

The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on OI. Bank of America raised their target price on O-I Glass from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Royal Bank of Canada reduced their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Wells Fargo & Company cut their price target on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Citigroup dropped their price target on O-I Glass from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.38.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Harbor Capital Advisors Inc. purchased a new position in O-I Glass during the third quarter valued at approximately $27,000. GAMMA Investing LLC boosted its position in O-I Glass by 371.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 1,892 shares in the last quarter. R Squared Ltd bought a new position in O-I Glass in the fourth quarter worth $45,000. Nisa Investment Advisors LLC boosted its stake in O-I Glass by 28.4% during the third quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,136 shares in the last quarter. Finally, KBC Group NV raised its stake in O-I Glass by 38.9% during the third quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock valued at $71,000 after buying an additional 1,521 shares during the last quarter. 97.24% of the stock is owned by institutional investors.

O-I Glass Stock Up 2.8 %

The company has a market capitalization of $1.87 billion, a PE ratio of -4.37 and a beta of 1.22. The company’s 50-day moving average is $11.08 and its 200 day moving average is $11.96. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23.

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.