O-I Glass (NYSE:OI) Releases Earnings Results, Misses Estimates By $0.07 EPS

O-I Glass (NYSE:OI - Get Free Report) announced its quarterly earnings data on Tuesday. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.07), Briefing.com reports. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the business earned $0.80 EPS. O-I Glass updated its FY24 guidance to $0.70-0.80 EPS and its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Trading Down 5.4 %

NYSE:OI traded down $0.67 during trading hours on Wednesday, hitting $11.77. 1,756,098 shares of the company were exchanged, compared to its average volume of 1,681,893. The company has a fifty day simple moving average of $12.73 and a 200 day simple moving average of $12.48. O-I Glass has a one year low of $10.08 and a one year high of $17.58. The stock has a market capitalization of $1.83 billion, a price-to-earnings ratio of -7.35 and a beta of 1.17. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85.

Insider Transactions at O-I Glass

In other news, Director John Humphrey acquired 15,000 shares of O-I Glass stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $11.30 per share, with a total value of $169,500.00. Following the purchase, the director now owns 84,227 shares in the company, valued at $951,765.10. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.49% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays lowered their price objective on shares of O-I Glass from $15.00 to $14.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 1st. Royal Bank of Canada cut their price objective on O-I Glass from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, August 5th. Bank of America raised 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 report on Thursday, October 17th. Citigroup raised their price target on O-I Glass from $14.00 to $15.00 and gave the company a "neutral" rating in a report on Wednesday, October 2nd. Finally, Wells Fargo & Company decreased their price objective on shares of O-I Glass from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Wednesday, July 17th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.63.

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.

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