O-I Glass (NYSE:OI) Updates FY23 Earnings Guidance

Posted by Casey Walker on Feb 2nd, 2023

O-I Glass (NYSE:OI – Get Rating) updated its FY23 earnings guidance on Tuesday. The company provided earnings per share guidance of >$2.50 for the period, compared to the consensus earnings per share estimate of $2.29. O-I Glass also updated its FY 2023 guidance to -$2.50 EPS.

Analysts Set New Price Targets

Several research firms recently commented on OI. Robert W. Baird raised their price target on shares of O-I Glass from $24.00 to $26.00 and gave the stock an outperform rating in a research note on Thursday. StockNews.com upgraded shares of O-I Glass from a hold rating to a buy rating in a research note on Wednesday. Wells Fargo & Company raised their price target on shares of O-I Glass from $24.00 to $27.00 and gave the stock an overweight rating in a research report on Thursday. Barclays raised their price target on shares of O-I Glass from $12.00 to $13.00 and gave the stock an underweight rating in a research report on Monday, November 14th. Finally, Citigroup raised shares of O-I Glass from a neutral rating to a buy rating and raised their price target for the stock from $15.00 to $22.00 in a research report on Wednesday, January 4th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $22.60.

O-I Glass Price Performance

NYSE OI traded up $0.82 on Thursday, hitting $22.45. The company had a trading volume of 1,113,392 shares, compared to its average volume of 1,428,177. The company has a market capitalization of $3.48 billion, a PE ratio of 6.10, a PEG ratio of 1.19 and a beta of 1.40. The company’s fifty day moving average price is $17.60 and its 200-day moving average price is $15.61. The company has a debt-to-equity ratio of 2.95, a current ratio of 1.16 and a quick ratio of 0.78. O-I Glass has a 12-month low of $11.51 and a 12-month high of $23.24.

O-I Glass (NYSE:OI – Get Rating) last issued its quarterly earnings results on Wednesday, February 1st. The industrial products company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.32 by $0.06. The company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.59 billion. O-I Glass had a net margin of 8.52% and a return on equity of 28.80%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.36 EPS. As a group, analysts predict that O-I Glass will post 2.26 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Balyasny Asset Management LLC acquired a new stake in O-I Glass during the 3rd quarter worth $366,000. Baird Financial Group Inc. boosted its position in shares of O-I Glass by 10.8% during the 3rd quarter. Baird Financial Group Inc. now owns 25,698 shares of the industrial products company’s stock valued at $333,000 after acquiring an additional 2,504 shares during the last quarter. Natixis Advisors L.P. boosted its position in shares of O-I Glass by 28.0% during the 1st quarter. Natixis Advisors L.P. now owns 23,746 shares of the industrial products company’s stock valued at $313,000 after acquiring an additional 5,200 shares during the last quarter. APG Asset Management N.V. acquired a new position in shares of O-I Glass during the 1st quarter valued at about $268,000. Finally, Allianz Asset Management GmbH boosted its position in shares of O-I Glass by 19.8% during the 1st quarter. Allianz Asset Management GmbH now owns 19,589 shares of the industrial products company’s stock valued at $258,000 after acquiring an additional 3,244 shares during the last quarter. Institutional investors and hedge funds own 93.60% of the company’s stock.

About O-I Glass

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O-I Glass, Inc engages in manufacturing of glass products. It offers products to the food and beverage sectors. The firm operates through the following geographical segments: Americas, Europe, and Asia Pacific. The company was founded in 1929 and is headquartered in Perrysburg, OH.