O-I Glass (NYSE:OI) Shares Gap Up – Time to Buy?

O-I Glass, Inc. (NYSE:OI)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $12.73, but opened at $13.18. O-I Glass shares last traded at $13.14, with a volume of 64,364 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on OI shares. Barclays cut their price target on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Truist Financial reissued a “buy” rating and set a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Citigroup lifted their target price on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Royal Bank of Canada dropped their target price on O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Finally, Robert W. Baird dropped their target price on O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, O-I Glass presently has a consensus rating of “Moderate Buy” and an average price target of $16.63.

O-I Glass Stock Performance

The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -6.87, a P/E/G ratio of 1.90 and a beta of 1.17. The stock has a 50 day moving average of $12.67 and a 200 day moving average of $12.71. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85.

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

Insider Buying and Selling at O-I Glass

In other O-I Glass news, Director John Humphrey bought 15,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were purchased at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the transaction, the director now directly owns 84,227 shares in the company, valued at approximately $951,765.10. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 1.49% of the company’s stock.

Institutional Trading of O-I Glass

Several hedge funds and other institutional investors have recently made changes to their positions in OI. Levin Capital Strategies L.P. grew its holdings in shares of O-I Glass by 66.0% during the first quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company’s stock worth $46,586,000 after purchasing an additional 1,116,340 shares during the last quarter. Edmond DE Rothschild Holding S.A. bought a new stake in shares of O-I Glass during the first quarter worth about $14,603,000. Dimensional Fund Advisors LP grew its holdings in shares of O-I Glass by 8.8% during 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 purchasing an additional 573,300 shares during the last quarter. Private Management Group Inc. grew its holdings in shares of O-I Glass by 21.3% during the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock worth $27,884,000 after purchasing an additional 439,838 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in shares of O-I Glass by 27.5% during the second quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock worth $21,875,000 after purchasing an additional 424,102 shares during the last quarter. 97.24% of the stock is currently owned by 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.