O-I Glass (NYSE:OI) Given New $15.00 Price Target at Citigroup

O-I Glass (NYSE:OI) had its price target hoisted by investment analysts at Citigroup from $14.00 to $15.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. Citigroup’s target price indicates a potential upside of 16.37% from the company’s current price.

OI has been the topic of several other reports. Truist Financial reaffirmed a “buy” rating and issued a $16.00 target price (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Royal Bank of Canada lowered their target price on O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Barclays reduced their price target on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Robert W. Baird lowered their price objective on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Wells Fargo & Company reduced their target price on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average target price of $16.63.

O-I Glass Price Performance

NYSE:OI traded down $0.19 on Wednesday, reaching $12.89. 325,305 shares of the company’s stock traded hands, compared to its average volume of 1,721,263. The firm has a market cap of $2.01 billion, a PE ratio of -8.12, a P/E/G ratio of 1.87 and a beta of 1.17. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85. The stock has a 50-day simple moving average of $12.32 and a 200-day simple moving average of $12.92. O-I Glass has a 12 month low of $10.08 and a 12 month high of $17.58.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $0.88 EPS. The firm’s revenue for the quarter was down 8.5% compared to the same quarter last year. Equities research analysts forecast that O-I Glass will post 1.13 earnings per share for the current year.

Insider Buying and Selling at O-I Glass

In related news, Director John Humphrey bought 15,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average cost of $11.30 per share, with a total value of $169,500.00. Following the completion of the purchase, the director now owns 84,227 shares of the company’s stock, valued at $951,765.10. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.49% of the company’s stock.

Institutional Trading of O-I Glass

A number of hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp raised its holdings in shares of O-I Glass by 6.1% in the 2nd quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company’s stock valued at $224,000 after purchasing an additional 1,162 shares in the last quarter. Bessemer Group Inc. raised its stake in O-I Glass by 40.2% in the first quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company’s stock worth $76,000 after buying an additional 1,318 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings in O-I Glass by 1.1% during the first quarter. Texas Permanent School Fund Corp now owns 135,154 shares of the industrial products company’s stock worth $2,242,000 after buying an additional 1,465 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its position in O-I Glass by 8.7% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,281 shares of the industrial products company’s stock valued at $357,000 after acquiring an additional 1,695 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its position in O-I Glass by 2.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 78,300 shares of the industrial products company’s stock valued at $871,000 after acquiring an additional 1,700 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Company Profile

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.