O-I Glass (NYSE:OI) Sees Strong Trading Volume – Here’s What Happened

O-I Glass, Inc. (NYSE:OI) shares saw unusually-high trading volume on Tuesday . Approximately 3,653,015 shares traded hands during trading, an increase of 134% from the previous session’s volume of 1,560,268 shares.The stock last traded at $13.2980 and had previously closed at $12.64.

Analyst Ratings Changes

A number of analysts recently commented on OI shares. Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. Truist Financial lowered their price target on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a report on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of O-I Glass from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $17.00 in a report on Monday, November 17th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, O-I Glass presently has an average rating of “Moderate Buy” and an average price target of $16.67.

O-I Glass Price Performance

The company’s 50-day moving average is $12.54 and its 200-day moving average is $13.33. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of -8.03, a PEG ratio of 0.22 and a beta of 0.89. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. The firm had revenue of $1.59 billion during the quarter. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. On average, research analysts expect that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

Hedge Funds Weigh In On O-I Glass

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in O-I Glass by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock worth $250,959,000 after acquiring an additional 691,989 shares during the period. Dimensional Fund Advisors LP increased its stake in O-I Glass by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 8,232,239 shares of the industrial products company’s stock valued at $106,773,000 after purchasing an additional 170,696 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of O-I Glass by 0.7% during the 3rd quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock valued at $103,718,000 after buying an additional 56,945 shares during the last quarter. Highland Peak Capital LLC raised its position in shares of O-I Glass by 22.2% during the 3rd quarter. Highland Peak Capital LLC now owns 3,113,780 shares of the industrial products company’s stock worth $40,386,000 after purchasing an additional 566,703 shares during the period. Finally, Levin Capital Strategies L.P. increased its position in O-I Glass by 6.0% in the first quarter. Levin Capital Strategies L.P. now owns 2,915,106 shares of the industrial products company’s stock worth $33,436,000 after buying an additional 164,669 shares during the period. Hedge funds and other institutional investors own 97.24% of the company’s stock.

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.