O-I Glass (NYSE:OI) Shares Gap Up on Earnings Beat

Shares of O-I Glass, Inc. (NYSE:OI) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $11.73, but opened at $12.37. O-I Glass shares last traded at $11.98, with a volume of 85,253 shares trading hands.

The industrial products company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%.

Wall Street Analyst Weigh In

OI has been the topic of a number of analyst reports. Citigroup cut their price objective on shares of O-I Glass from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. Wells Fargo & Company cut their price target on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. Barclays cut their price target on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Royal Bank of Canada dropped their price objective on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. 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 presently has an average rating of “Moderate Buy” and an average target price of $15.38.

Institutional Investors Weigh In On O-I Glass

Several large investors have recently bought and sold shares of OI. Victory Capital Management Inc. boosted its position in O-I Glass by 57.1% in the fourth quarter. Victory Capital Management Inc. now owns 139,302 shares of the industrial products company’s stock worth $1,510,000 after purchasing an additional 50,641 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of O-I Glass by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,848,857 shares of the industrial products company’s stock valued at $20,042,000 after buying an additional 25,719 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of O-I Glass by 277.1% during the 4th quarter. Jones Financial Companies Lllp now owns 14,982 shares of the industrial products company’s stock valued at $162,000 after buying an additional 11,009 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of O-I Glass by 3.7% during the 4th quarter. Illinois Municipal Retirement Fund now owns 89,224 shares of the industrial products company’s stock valued at $967,000 after buying an additional 3,207 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of O-I Glass by 2.2% during the 4th quarter. Principal Financial Group Inc. now owns 750,006 shares of the industrial products company’s stock valued at $8,130,000 after buying an additional 15,964 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Trading Down 4.5 %

The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23. The stock has a market capitalization of $1.78 billion, a PE ratio of -4.17 and a beta of 1.22. The stock has a 50-day moving average price of $11.08 and a two-hundred day moving average price of $11.96.

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.