StockNews.com Lowers O-I Glass (NYSE:OI) to Sell

StockNews.com cut shares of O-I Glass (NYSE:OI) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

A number of other brokerages have also recently issued reports on OI. UBS Group started coverage on shares of O-I Glass in a report on Tuesday, January 16th. They issued a buy rating and a $26.00 price objective for the company. TheStreet downgraded O-I Glass from a b- rating to a c- rating in a research note on Tuesday, February 6th. Robert W. Baird cut their price objective on O-I Glass from $28.00 to $22.00 and set an outperform rating on the stock in a research note on Thursday. Bank of America reaffirmed a neutral rating and set a $16.00 target price (down previously from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. Finally, Wells Fargo & Company dropped their price target on shares of O-I Glass from $22.00 to $19.00 and set an overweight rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $19.89.

O-I Glass Price Performance

Shares of O-I Glass stock opened at $13.17 on Thursday. The stock has a 50-day simple moving average of $15.71 and a 200-day simple moving average of $15.54. O-I Glass has a 52-week low of $12.40 and a 52-week high of $23.57. The company has a current ratio of 1.02, a quick ratio of 0.77 and a debt-to-equity ratio of 2.26.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.09. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.69 billion. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.29 earnings per share. On average, research analysts anticipate that O-I Glass will post 1.6 EPS for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

Several hedge funds and other institutional investors have recently modified their holdings of OI. Van ECK Associates Corp grew its position in O-I Glass by 414.2% during the third quarter. Van ECK Associates Corp now owns 129,826 shares of the industrial products company’s stock worth $2,172,000 after buying an additional 104,576 shares in the last quarter. Levin Capital Strategies L.P. grew its holdings in shares of O-I Glass by 55.0% during the 4th quarter. Levin Capital Strategies L.P. now owns 1,691,765 shares of the industrial products company’s stock worth $27,711,000 after purchasing an additional 600,239 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new stake in shares of O-I Glass during the third quarter valued at approximately $1,757,000. New York State Common Retirement Fund raised its stake in shares of O-I Glass by 14.4% in the third quarter. New York State Common Retirement Fund now owns 523,860 shares of the industrial products company’s stock valued at $8,764,000 after purchasing an additional 65,835 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in O-I Glass by 7.8% in the third quarter. American Century Companies Inc. now owns 1,672,400 shares of the industrial products company’s stock worth $27,979,000 after purchasing an additional 121,495 shares during the period. 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.