O-I Glass (NYSE:OI) Sets New 1-Year Low – Here’s Why

O-I Glass, Inc. (NYSE:OI)’s share price reached a new 52-week low during trading on Friday . The company traded as low as $7.01 and last traded at $7.0390, with a volume of 2869648 shares changing hands. The stock had previously closed at $7.10.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on OI. Citigroup dropped their target price on O-I Glass from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. UBS Group reduced their price target on shares of O-I Glass from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. BNP Paribas Exane cut shares of O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price objective on the stock. in a research note on Thursday, July 30th. Truist Financial dropped their price objective on shares of O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Finally, Zacks Research upgraded shares of O-I Glass from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, O-I Glass presently has an average rating of “Hold” and an average target price of $10.56.

O-I Glass Trading Down 0.9%

The company has a market capitalization of $1.08 billion, a P/E ratio of -0.94, a PEG ratio of 1.37 and a beta of 0.66. The company has a debt-to-equity ratio of 8.89, a quick ratio of 0.77 and a current ratio of 1.26. The stock has a fifty day moving average of $8.81 and a 200 day moving average of $10.76.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.15). The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The business’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 EPS. As a group, equities research analysts anticipate that O-I Glass, Inc. will post 0.7 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Eduardo Restrepo bought 3,309 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were bought at an average price of $8.98 per share, for a total transaction of $29,714.82. Following the purchase, the senior vice president owned 94,199 shares in the company, valued at approximately $845,907.02. The trade was a 3.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Darrow A. Abrahams purchased 2,774 shares of the stock in a transaction on Monday, May 11th. The shares were purchased at an average cost of $9.04 per share, for a total transaction of $25,076.96. Following the acquisition, the senior vice president directly owned 235,928 shares of the company’s stock, valued at approximately $2,132,789.12. This represents a 1.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 1.00% of the company’s stock.

Institutional Trading of O-I Glass

Hedge funds and other institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC lifted its stake in shares of O-I Glass by 87.6% during the 4th quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock valued at $26,000 after buying an additional 830 shares in the last quarter. Headlands Technologies LLC purchased a new stake in O-I Glass in the 2nd quarter worth $29,000. Quarry LP purchased a new stake in O-I Glass in the 4th quarter worth $32,000. Caitong International Asset Management Co. Ltd raised its holdings in O-I Glass by 36,533.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 2,198 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 2,192 shares during the period. Finally, State of Wyoming bought a new stake in O-I Glass during the second quarter valued at about $35,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Company Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.