StockNews.com Downgrades O-I Glass (NYSE:OI) to Sell

O-I Glass (NYSE:OI) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Tuesday.

Other research analysts have also issued research reports about the company. Bank of America restated a “neutral” rating and issued a $16.00 price objective (down previously from $21.00) on shares of O-I Glass in a report on Friday, April 19th. Truist Financial reissued a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of O-I Glass in a research note on Thursday, May 2nd. Royal Bank of Canada dropped their price target 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. Barclays reduced their price objective on O-I Glass from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Monday, May 6th. Finally, Wells Fargo & Company cut their target price on O-I Glass from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat, O-I Glass currently has an average rating of “Hold” and a consensus target price of $18.89.

O-I Glass Stock Performance

NYSE:OI opened at $10.50 on Tuesday. The company has a fifty day moving average of $12.09 and a two-hundred day moving average of $14.49. O-I Glass has a fifty-two week low of $10.08 and a fifty-two week high of $23.57. The stock has a market capitalization of $1.64 billion, a PE ratio of -6.60, a P/E/G ratio of 1.02 and a beta of 1.24. The company has a debt-to-equity ratio of 2.26, a quick ratio of 0.56 and a current ratio of 1.02.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, beating 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 firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same period last year, the company posted $1.29 EPS. O-I Glass’s quarterly revenue was down 13.0% compared to the same quarter last year. As a group, research analysts forecast that O-I Glass will post 1.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in O-I Glass by 1.2% during the first 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 holdings in shares of O-I Glass by 12.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock valued at $108,358,000 after purchasing an additional 728,493 shares in the last quarter. Levin Capital Strategies L.P. grew its holdings 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 valued at $46,586,000 after purchasing an additional 1,116,340 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in O-I Glass by 32.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,644,360 shares of the industrial products company’s stock worth $43,870,000 after buying an additional 641,493 shares in the last quarter. Finally, Private Management Group Inc. boosted its position in O-I Glass by 0.7% in the 1st quarter. Private Management Group Inc. now owns 2,065,441 shares of the industrial products company’s stock valued at $34,266,000 after buying an additional 13,555 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.