O-I Glass (NYSE:OI) Shares Up 5.8% – Should You Buy?

O-I Glass, Inc. (NYSE:OI) shot up 5.8% on Thursday. The stock traded as high as $6.16 and last traded at $6.1150. 2,207,259 shares traded hands during trading, a decline of 22% from the average daily volume of 2,821,998 shares. The stock had previously closed at $5.78.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on OI shares. Wells Fargo & Company cut their price target on O-I Glass from $13.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, July 15th. Royal Bank Of Canada lowered O-I Glass from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $10.00 to $8.00 in a research note on Thursday, August 13th. Truist Financial lowered their price target 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. BNP Paribas Exane cut O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price target on the stock. in a report on Thursday, July 30th. Finally, Weiss Ratings raised O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 2nd. Three equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $9.69.

O-I Glass Price Performance

The firm has a market capitalization of $930.41 million, a P/E ratio of -0.81, a price-to-earnings-growth ratio of 2.13 and a beta of 0.68. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 8.89. The firm has a 50 day moving average price of $6.63 and a 200-day moving average price of $8.47.

O-I Glass (NYSE:OI) last issued its quarterly 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). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The company had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter in the prior year, the business earned $0.53 earnings per share. The firm’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, analysts expect that O-I Glass, Inc. will post 0.37 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

Large investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Trust Services Inc. grew its holdings in O-I Glass by 57.3% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 5,825 shares of the industrial products company’s stock worth $33,000 after acquiring an additional 2,121 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in shares of O-I Glass in the 2nd quarter valued at about $139,000. IPG Investment Advisors LLC boosted its stake in shares of O-I Glass by 4.7% during the second quarter. IPG Investment Advisors LLC now owns 548,063 shares of the industrial products company’s stock valued at $5,278,000 after purchasing an additional 24,705 shares in the last quarter. Waverly Advisors LLC purchased a new stake in O-I Glass during the second quarter worth $135,000. Finally, Corient Private Wealth LP bought a new stake in O-I Glass during the 2nd quarter valued at $254,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Company Profile

O-I Glass, Inc (NYSE: OI) is a global manufacturer of glass packaging. The company produces glass bottles and jars for food, beverages, beer, wine, spirits, pharmaceuticals and other consumer products, serving brand owners and manufacturers that use glass containers for packaging.

The company operates glass-container manufacturing facilities and provides related design, engineering and packaging services. Its products are used across a range of markets and geographies, including North and South America, Europe and other international markets.