O-I Glass (NYSE:OI) Releases FY 2024 Earnings Guidance

O-I Glass (NYSE:OI - Get Free Report) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus estimate of 1.130. The company issued revenue guidance of -. O-I Glass also updated its FY24 guidance to $0.70-0.80 EPS.

O-I Glass Stock Performance

NYSE OI traded down $0.30 during mid-day trading on Tuesday, reaching $12.44. 2,492,067 shares of the stock were exchanged, compared to its average volume of 1,681,474. The company has a market capitalization of $1.94 billion, a P/E ratio of -7.99 and a beta of 1.17. 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 business's 50 day moving average is $12.72 and its 200-day moving average is $12.50. O-I Glass has a 1 year low of $10.08 and a 1 year high of $17.58.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.77 billion. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. O-I Glass's revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.88 earnings per share. On average, equities research analysts forecast that O-I Glass will post 1.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OI has been the topic of several research reports. Royal Bank of Canada decreased their target price on O-I Glass from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Monday, August 5th. StockNews.com raised shares of O-I Glass from a "sell" rating to a "hold" rating in a research note on Thursday, August 1st. Robert W. Baird dropped their target price on shares of O-I Glass from $22.00 to $18.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Citigroup raised 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. Finally, Wells Fargo & Company dropped their price objective 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 research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $16.63.

Insider Activity at O-I Glass

In other news, Director John Humphrey acquired 15,000 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the acquisition, the director now owns 84,227 shares of the company's stock, valued at $951,765.10. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.49% of the stock is owned by insiders.

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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