O-I Glass (NYSE:OI) Shares Gap Down Following Weak Earnings

Shares of O-I Glass, Inc. (NYSE:OI) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $12.44, but opened at $11.56. O-I Glass shares last traded at $11.75, with a volume of 378,337 shares trading hands.

The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.07). The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. O-I Glass’s revenue was down 3.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.80 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Truist Financial reissued a “buy” rating and issued a $16.00 price target (down previously from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Royal Bank of Canada cut their price target on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Barclays cut their price target on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Wells Fargo & Company cut their price target on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Three 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.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.63.

Insider Transactions at O-I Glass

In other O-I Glass news, Director John Humphrey acquired 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, for a total transaction of $169,500.00. Following the acquisition, the director now owns 84,227 shares in the company, valued at $951,765.10. The trade was a 0.00 % increase in their position. The acquisition 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 Investors Weigh In On O-I Glass

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. bought a new stake in O-I Glass during the 3rd quarter valued at $27,000. Newbridge Financial Services Group Inc. increased its position in O-I Glass by 1,337.5% during the 2nd 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 during the period. GAMMA Investing LLC increased its position in O-I Glass by 371.0% during the 3rd 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 purchased a new position in O-I Glass during the 1st quarter valued at $33,000. Finally, FinTrust Capital Advisors LLC purchased a new position in O-I Glass during the 1st quarter valued at $38,000. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Trading Down 7.2 %

The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26. The stock’s 50-day simple moving average is $12.73 and its 200-day simple moving average is $12.48. The firm has a market capitalization of $1.80 billion, a PE ratio of -7.35 and a beta of 1.17.

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.