O-I Glass (NYSE:OI) Reaches New 52-Week Low – Here’s Why
by Danessa Lincoln · The Markets DailyO-I Glass, Inc. (NYSE:OI – Get Free Report)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $6.04 and last traded at $6.08, with a volume of 3412163 shares traded. The stock had previously closed at $6.07.
Analyst Ratings Changes
Several analysts have issued reports on the stock. Royal Bank Of Canada downgraded shares of O-I Glass from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $10.00 to $8.00 in a report on Thursday, August 13th. Truist Financial cut their price objective on O-I Glass from $13.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Zacks Research upgraded O-I Glass from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Robert W. Baird set a $13.00 price target on O-I Glass in a research report on Thursday, July 30th. Finally, Weiss Ratings cut O-I Glass from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 16th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $10.31.
Check Out Our Latest Stock Report on OI
O-I Glass Trading Down 1.9%
The business’s 50-day moving average price is $7.28 and its two-hundred day moving average price is $8.84. The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.77. The firm has a market cap of $933.48 million, a price-to-earnings ratio of -0.81, a price-to-earnings-growth ratio of 2.20 and a beta of 0.66.
O-I Glass (NYSE:OI – Get Free Report) last announced its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.15). The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.68 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 EPS. Equities analysts expect that O-I Glass, Inc. will post 0.39 earnings per share for the current year.
Hedge Funds Weigh In On O-I Glass
Several large investors have recently added to or reduced their stakes in OI. BlackRock Inc. acquired a new position in shares of O-I Glass during the 2nd quarter valued at about $225,727,000. Dimensional Fund Advisors LP lifted its holdings in shares of O-I Glass by 8.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,238,635 shares of the industrial products company’s stock worth $97,094,000 after acquiring an additional 729,191 shares during the period. Cooper Creek Partners Management LLC boosted its position in shares of O-I Glass by 73.8% in the first quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company’s stock worth $73,636,000 after acquiring an additional 2,975,181 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in O-I Glass by 32.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 4,246,337 shares of the industrial products company’s stock valued at $44,629,000 after purchasing an additional 1,030,705 shares during the period. Finally, Bank of America Corp DE increased its position in O-I Glass by 15.6% during the first quarter. Bank of America Corp DE now owns 3,563,497 shares of the industrial products company’s stock worth $37,452,000 after purchasing an additional 479,608 shares during the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.
About O-I Glass
O-I Glass, Inc (NYSE: OI) is a global manufacturer of glass packaging. The company produces bottles and jars primarily for the food, beverage, beer, wine, spirits, and nonalcoholic beverage industries, as well as containers for certain pharmaceutical and other consumer products.
O-I Glass provides packaging solutions that include container design, lightweighting, glass decoration, and related technical services. Its products are made from glass, a material that can be recycled repeatedly without loss of quality, supporting the company’s focus on recyclable and more sustainable packaging.
The company traces its history to the Owens Bottle Company, founded in 1903, and later became known as Owens-Illinois before adopting the O-I Glass name.