O-I Glass (NYSE:OI) Sets New 52-Week Low at $10.94

O-I Glass, Inc. (NYSE:OI)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $10.94 and last traded at $11.11, with a volume of 69752 shares changing hands. The stock had previously closed at $11.08.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on OI shares. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Friday, June 14th. Royal Bank of Canada cut their price objective on O-I Glass from $25.00 to $21.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. Bank of America reissued a “neutral” rating and set a $16.00 price target (down previously from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. Robert W. Baird reduced their price objective on O-I Glass from $28.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, May 2nd. Finally, Wells Fargo & Company dropped their price objective on O-I Glass from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.56.

O-I Glass Stock Performance

The company’s fifty day moving average price is $12.92 and its two-hundred day moving average price is $14.87. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.56 and a current ratio of 1.02. The firm has a market capitalization of $1.71 billion, a PE ratio of -6.92, a price-to-earnings-growth ratio of 1.07 and a beta of 1.27.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The company had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the firm posted $1.29 earnings per share. O-I Glass’s revenue was down 13.0% on a year-over-year basis. As a group, equities analysts expect that O-I Glass, Inc. will post 1.67 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of O-I Glass by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock worth $321,220,000 after purchasing an additional 221,823 shares during the period. Dimensional Fund Advisors LP grew its stake in O-I Glass by 12.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock worth $108,358,000 after buying an additional 728,493 shares during the period. Levin Capital Strategies L.P. increased its position in shares of O-I Glass by 66.0% in 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 acquiring an additional 1,116,340 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of O-I Glass by 32.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,644,360 shares of the industrial products company’s stock valued at $43,870,000 after acquiring an additional 641,493 shares during the period. Finally, Luminus Management LLC boosted its position in O-I Glass by 69.4% during the 3rd quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company’s stock worth $35,814,000 after purchasing an additional 877,172 shares during the period. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.