O-I Glass (NYSE:OI) Shares Up 3.5% – Time to Buy?

O-I Glass, Inc. (NYSE:OI)’s share price shot up 3.5% during trading on Tuesday . The company traded as high as $10.81 and last traded at $10.79. 90,624 shares were traded during trading, a decline of 95% from the average session volume of 1,651,398 shares. The stock had previously closed at $10.43.

Analyst Upgrades and Downgrades

OI has been the topic of a number of research reports. Royal Bank of Canada reduced their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Barclays decreased their target price on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Citigroup lifted their price target on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Price Performance

The stock has a 50 day moving average of $11.84 and a 200-day moving average of $11.98. The stock has a market capitalization of $1.68 billion, a P/E ratio of -3.93 and a beta of 1.20. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 3.18.

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

Institutional Trading of O-I Glass

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