O-I Glass (NYSE:OI) Price Target Cut to $16.00 by Analysts at Wells Fargo & Company

O-I Glass (NYSE:OI) had its target price lowered by Wells Fargo & Company from $18.00 to $16.00 in a report released on Monday,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

A number of other analysts also recently commented on OI. Royal Bank of Canada decreased their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Barclays lowered their price objective on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Citigroup upped their price target on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and increased their price target for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. Finally, StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.38.

O-I Glass Price Performance

Shares of NYSE OI opened at $10.96 on Monday. The company’s fifty day moving average is $11.74 and its two-hundred day moving average is $11.97. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23. The firm has a market capitalization of $1.69 billion, a P/E ratio of -3.97 and a beta of 1.21. O-I Glass has a one year low of $9.85 and a one year high of $17.58.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the company posted $0.80 earnings per share. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. Analysts forecast that O-I Glass will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Everence Capital Management Inc. grew its holdings in O-I Glass by 6.1% in the third quarter. Everence Capital Management Inc. now owns 15,550 shares of the industrial products company’s stock valued at $204,000 after purchasing an additional 890 shares during the period. Diversified Trust Co boosted its holdings in shares of O-I Glass by 2.0% in the 3rd quarter. Diversified Trust Co now owns 49,596 shares of the industrial products company’s stock valued at $651,000 after purchasing an additional 965 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of O-I Glass by 28.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock valued at $67,000 after buying an additional 1,136 shares during the period. Mackenzie Financial Corp increased its holdings in shares of O-I Glass by 6.1% during the 2nd quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company’s stock worth $224,000 after buying an additional 1,162 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of O-I Glass by 38.9% during the 3rd quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock worth $71,000 after buying an additional 1,521 shares during the last quarter. 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.