O-I Glass (NYSE:OI) Shares Gap Up After Earnings Beat

O-I Glass, Inc. (NYSE:OI - Get Free Report) gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $11.73, but opened at $12.37. O-I Glass shares last traded at $11.98, with a volume of 85,253 shares changing hands.

The industrial products company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.02. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Royal Bank of Canada reduced their price objective on O-I Glass from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Friday, November 1st. StockNews.com upgraded shares of O-I Glass from a "sell" rating to a "hold" rating in a research note on Tuesday, November 12th. Bank of America increased their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Wells Fargo & Company cut their target price on shares of O-I Glass from $18.00 to $16.00 and set an "overweight" rating for the company in a research report on Monday, January 6th. Finally, Citigroup lowered their price target on O-I Glass from $12.00 to $11.00 and set a "neutral" rating on the stock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $15.38.

Hedge Funds Weigh In On O-I Glass

Institutional investors have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. bought a new position in shares of O-I Glass in the third quarter worth about $27,000. GAMMA Investing LLC increased its holdings 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 worth $32,000 after acquiring an additional 1,892 shares in the last quarter. R Squared Ltd purchased a new stake in O-I Glass in the 4th quarter worth approximately $45,000. Nisa Investment Advisors LLC raised its stake in O-I Glass by 28.4% during the 3rd 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 during the period. Finally, KBC Group NV lifted its holdings in O-I Glass by 38.9% during the third quarter. KBC Group NV now owns 5,431 shares of the industrial products company's stock valued at $71,000 after purchasing an additional 1,521 shares in the last quarter. 97.24% of the stock is owned by institutional investors.

O-I Glass Trading Down 4.5 %

The firm has a market capitalization of $1.78 billion, a P/E ratio of -4.17 and a beta of 1.22. The stock's 50-day simple moving average is $11.08 and its two-hundred day simple moving average is $11.96. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77.

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.