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

O-I Glass (NYSE:OI) had its target price hoisted by stock analysts at Bank of America from $14.00 to $15.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Bank of America‘s price target suggests a potential upside of 40.32% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Citigroup boosted 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. Wells Fargo & Company cut their target price on O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday. Barclays decreased their price target on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Royal Bank of Canada cut their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and a consensus target price of $15.38.

O-I Glass Stock Performance

Shares of OI stock opened at $10.69 on Monday. The stock’s 50-day moving average price is $11.71 and its 200 day moving average price is $11.97. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The stock has a market capitalization of $1.65 billion, a PE ratio of -3.87 and a beta of 1.21. O-I Glass has a 52-week low of $9.85 and a 52-week high of $17.58.

O-I Glass (NYSE:OI) last released 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 analysts’ expectations of $1.76 billion. During the same quarter last year, the company earned $0.80 EPS. O-I Glass’s revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, equities research analysts forecast that O-I Glass will post 0.76 EPS for the current year.

Institutional Investors Weigh In On O-I Glass

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP increased its holdings in O-I Glass by 8.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after acquiring an additional 573,300 shares in the last quarter. Geode Capital Management LLC raised its position in shares of O-I Glass by 1.1% during the 3rd quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock worth $46,827,000 after purchasing an additional 37,238 shares during the last quarter. Levin Capital Strategies L.P. grew its holdings in O-I Glass by 25.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock valued at $39,082,000 after buying an additional 703,308 shares during the last quarter. Private Management Group Inc. increased its position in O-I Glass by 20.8% during the third quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after buying an additional 520,452 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of O-I Glass in the third quarter worth $32,350,000. 97.24% of the stock is currently owned by hedge funds and other 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.