O-I Glass (NYSE:OI) Shares Gap Up - Still a Buy?

O-I Glass, Inc. (NYSE:OI - Get Free Report)'s share price gapped up before the market opened on Thursday . The stock had previously closed at $12.73, but opened at $13.18. O-I Glass shares last traded at $13.14, with a volume of 64,364 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada lowered their price target 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. Truist Financial reissued a "buy" rating and issued a $16.00 target price (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Bank of America raised O-I Glass from a "neutral" rating to a "buy" rating and boosted their price target for the company from $14.00 to $16.00 in a research note on Thursday. Barclays dropped their price objective on O-I Glass from $15.00 to $14.00 and set an "equal weight" rating for the company in a research note on Thursday, August 1st. Finally, StockNews.com raised shares of O-I Glass from a "sell" rating to a "hold" rating in a report on Thursday, August 1st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $16.63.

O-I Glass Price Performance

The stock has a 50-day simple moving average of $12.60 and a 200 day simple moving average of $12.73. The stock has a market capitalization of $2.04 billion, a P/E ratio of -8.18, a price-to-earnings-growth ratio of 1.88 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.

O-I Glass (NYSE:OI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.01. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The business had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.77 billion. During the same quarter last year, the business earned $0.88 earnings per share. The firm's quarterly revenue was down 8.5% compared to the same quarter last year. On average, equities analysts forecast that O-I Glass, Inc. will post 1.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director John Humphrey bought 15,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $11.30 per share, with a total value of $169,500.00. Following the completion of the purchase, the director now owns 84,227 shares of the company's stock, valued at approximately $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.49% of the company's stock.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds have recently modified their holdings of the business. Newbridge Financial Services Group Inc. raised its holdings in O-I Glass by 1,337.5% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company's stock worth $32,000 after buying an additional 2,675 shares during the period. GAMMA Investing LLC lifted its position in O-I Glass by 371.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company's stock valued at $32,000 after acquiring an additional 1,892 shares in the last quarter. Fidelis Capital Partners LLC bought a new stake in O-I Glass in the 1st quarter valued at $33,000. FinTrust Capital Advisors LLC acquired a new position in O-I Glass in the 1st quarter worth $38,000. Finally, Headlands Technologies LLC bought a new position in O-I Glass during the 1st quarter worth about $39,000. Institutional investors and hedge funds own 97.24% of the company's stock.

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.