O-I Glass (NYSE:OI) Price Target Lowered to $16.00 at Royal Bank of Canada

O-I Glass (NYSE:OI) had its price target decreased by Royal Bank of Canada from $18.00 to $16.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Royal Bank of Canada’s target price points to a potential upside of 42.35% from the company’s current price.

Other analysts have also issued reports about the company. Truist Financial reissued a “buy” rating and set a $16.00 price target (down from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Wells Fargo & Company cut 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 research report on Wednesday, July 17th. Barclays decreased their price target on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Citigroup increased their price objective on O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $16.25.

O-I Glass Trading Up 1.2 %

Shares of O-I Glass stock opened at $11.24 on Friday. The firm’s 50 day moving average is $12.67 and its 200 day moving average is $12.44. The firm has a market capitalization of $1.74 billion, a PE ratio of -4.07 and a beta of 1.20. O-I Glass has a 1 year low of $10.08 and a 1 year high of $17.58. The company has a current ratio of 1.23, a quick ratio of 0.75 and a debt-to-equity ratio of 3.18.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) 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 last year, the company posted $0.80 earnings per share. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. Equities research analysts forecast that O-I Glass will post 0.75 earnings per share for the current fiscal year.

Insider Activity at O-I Glass

In other O-I Glass news, Director John Humphrey purchased 15,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was purchased at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the acquisition, the director now owns 84,227 shares in the company, valued at approximately $951,765.10. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.49% of the stock is owned by company insiders.

Hedge Funds Weigh In On O-I Glass

A number of institutional investors and hedge funds have recently modified their holdings of OI. Harbor Capital Advisors Inc. bought a new stake in shares of O-I Glass in the 3rd quarter valued at $27,000. Newbridge Financial Services Group Inc. increased its stake in O-I Glass by 1,337.5% in the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 2,675 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of O-I Glass by 371.0% during the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 1,892 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of O-I Glass during the 1st quarter worth about $33,000. Finally, FinTrust Capital Advisors LLC acquired a new stake in shares of O-I Glass in the 1st quarter valued at about $38,000. 97.24% of the stock is currently owned by institutional investors.

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.