O-I Glass (NYSE:OI) Shares Gap Down on Disappointing Earnings

O-I Glass, Inc. (NYSE:OI - Get Free Report) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $12.44, but opened at $11.56. O-I Glass shares last traded at $11.75, with a volume of 378,337 shares traded.

The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.07). The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The firm's revenue for the quarter was down 3.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 earnings per share.

Analyst Ratings Changes

A number of equities research analysts have issued reports on OI shares. Bank of America raised shares of O-I Glass from a "neutral" rating to a "buy" rating and lifted their target price for the company from $14.00 to $16.00 in a research note on Thursday, October 17th. Citigroup increased 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. Robert W. Baird lowered their target price on shares of O-I Glass from $22.00 to $18.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. Truist Financial reissued a "buy" rating and set a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Finally, UBS Group lowered their price target on O-I Glass from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $16.63.

Insider Activity

In other O-I Glass news, Director John Humphrey bought 15,000 shares of O-I Glass stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the acquisition, the director now owns 84,227 shares of the company's stock, 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 can be accessed through the SEC website. Corporate insiders own 1.49% of the company's stock.

Institutional Investors Weigh In On O-I Glass

Institutional investors and hedge funds have recently modified their holdings of the company. Harbor Capital Advisors Inc. acquired a new position in shares of O-I Glass in the third quarter valued at $27,000. Newbridge Financial Services Group Inc. lifted its position in O-I Glass by 1,337.5% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company's stock worth $32,000 after acquiring an additional 2,675 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of O-I Glass by 371.0% during the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company's stock worth $32,000 after acquiring an additional 1,892 shares during the period. Fidelis Capital Partners LLC acquired a new position in shares of O-I Glass in the first quarter valued at approximately $33,000. Finally, FinTrust Capital Advisors LLC bought a new position in shares of O-I Glass during the first quarter worth approximately $38,000. 97.24% of the stock is owned by institutional investors.

O-I Glass Stock Performance

The company has a fifty day moving average of $12.73 and a two-hundred day moving average of $12.48. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of -7.35 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.

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.