Royal Bank of Canada Issues Pessimistic Forecast for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI - Get Free Report) had its price objective reduced by research analysts at Royal Bank of Canada from $18.00 to $16.00 in a report issued on Friday, Benzinga reports. The firm presently has an "outperform" rating on the industrial products company's stock. Royal Bank of Canada's target price points to a potential upside of 42.35% from the company's previous close.

A number of other research firms have also commented on OI. Bank of America upgraded O-I Glass from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Truist Financial reiterated a "buy" rating and set a $16.00 price target (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Barclays dropped their target price on shares of O-I Glass from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday. UBS Group reduced their price target on shares of O-I Glass from $26.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, July 17th. Finally, Robert W. Baird dropped their price objective on shares of O-I Glass from $22.00 to $18.00 and set an "outperform" rating on the stock in a report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $16.25.

O-I Glass Stock Up 1.2 %

Shares of NYSE OI traded up $0.13 during trading hours on Friday, hitting $11.24. The stock had a trading volume of 1,194,893 shares, compared to its average volume of 1,690,838. The firm's 50-day moving average price is $12.70 and its two-hundred day moving average price is $12.46. O-I Glass has a 52 week low of $10.08 and a 52 week high of $17.58. The company has a market capitalization of $1.75 billion, a P/E ratio of -4.07 and a beta of 1.17. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.75 and a current ratio of 1.23.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the company posted $0.80 earnings per share. The company's revenue for the quarter was down 3.7% on a year-over-year basis. Analysts anticipate that O-I Glass will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John Humphrey purchased 15,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average price of $11.30 per share, with a total value of $169,500.00. Following the completion of the acquisition, the director now directly owns 84,227 shares in the company, valued at approximately $951,765.10. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.49% of the stock is owned by corporate insiders.

Institutional Trading of O-I Glass

Institutional investors and hedge funds have recently made changes to their positions in the business. Everence Capital Management Inc. raised its position in shares of O-I Glass by 6.1% in the 3rd quarter. Everence Capital Management Inc. now owns 15,550 shares of the industrial products company's stock valued at $204,000 after acquiring an additional 890 shares during the period. Diversified Trust Co raised its stake in O-I Glass by 2.0% during the 3rd quarter. Diversified Trust Co now owns 49,596 shares of the industrial products company's stock worth $651,000 after buying an additional 965 shares during the period. Nisa Investment Advisors LLC increased its holdings in shares of O-I Glass by 28.4% in the third quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company's stock worth $67,000 after acquiring an additional 1,136 shares in the last quarter. Mackenzie Financial Corp increased its stake in O-I Glass by 6.1% during the 2nd quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company's stock worth $224,000 after purchasing an additional 1,162 shares in the last quarter. Finally, Bessemer Group Inc. increased its position in shares of O-I Glass by 40.2% during the first quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company's stock worth $76,000 after acquiring an additional 1,318 shares in the last quarter. Institutional investors own 97.24% of the company's stock.

O-I Glass Company Profile

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.