Zacks Research Decreases Earnings Estimates for O-I Glass

O-I Glass, Inc. (NYSE:OI) – Investment analysts at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for shares of O-I Glass in a note issued to investors on Tuesday, November 12th. Zacks Research analyst M. Das now expects that the industrial products company will post earnings of $0.77 per share for the year, down from their previous forecast of $1.17. The consensus estimate for O-I Glass’ current full-year earnings is $0.75 per share. Zacks Research also issued estimates for O-I Glass’ Q4 2024 earnings at ($0.08) EPS, Q2 2025 earnings at $0.34 EPS, Q4 2025 earnings at $0.37 EPS and FY2025 earnings at $1.45 EPS.

Several other equities analysts have also recently issued reports on OI. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. Royal Bank of Canada dropped their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Truist Financial reissued a “buy” rating and issued a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Citigroup upped their price target on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Robert W. Baird reduced 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 note on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.25.

O-I Glass Price Performance

O-I Glass stock opened at $12.97 on Friday. The business has a 50 day simple moving average of $12.68 and a 200-day simple moving average of $12.27. O-I Glass has a 12 month low of $10.08 and a 12 month high of $17.58. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. The stock has a market capitalization of $2.01 billion, a PE ratio of -4.70 and a beta of 1.20.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) 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 in the prior year, the business earned $0.80 earnings per share. O-I Glass’s revenue was down 3.7% compared to the same quarter last year.

Institutional Trading of O-I Glass

Large investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. purchased a new stake in O-I Glass during the 3rd quarter worth about $27,000. Newbridge Financial Services Group Inc. raised its position in shares of 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 buying an additional 2,675 shares during the last quarter. GAMMA Investing LLC lifted its stake 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 buying an additional 1,892 shares during the period. Headlands Technologies LLC acquired a new stake in O-I Glass during the first quarter worth approximately $39,000. Finally, Nisa Investment Advisors LLC grew its stake in O-I Glass by 28.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,136 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.