O-I Glass (NYSE:OI) Updates FY 2024 Earnings Guidance

O-I Glass (NYSE:OI) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.700-0.800 for the period, compared to the consensus estimate of 1.130. The company issued revenue guidance of -. O-I Glass also updated its FY24 guidance to $0.70-0.80 EPS.

O-I Glass Stock Performance

NYSE:OI traded down $0.89 during midday trading on Wednesday, reaching $11.55. The stock had a trading volume of 3,589,017 shares, compared to its average volume of 1,690,262. The stock has a market cap of $1.80 billion, a P/E ratio of -7.35 and a beta of 1.17. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85. O-I Glass has a 12-month low of $10.08 and a 12-month high of $17.58. The firm has a fifty day simple moving average of $12.73 and a two-hundred day simple moving average of $12.48.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (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 positive return on equity of 15.64% and a negative net margin of 4.32%. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.80 EPS. On average, equities analysts expect that O-I Glass will post 1.11 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Wells Fargo & Company dropped their target price on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, July 17th. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird reduced their target price on 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. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $14.00 to $16.00 in a report on Thursday, October 17th. Finally, Barclays decreased their price objective on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.63.

Insider Activity

In related news, Director John Humphrey purchased 15,000 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were bought at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the acquisition, the director now directly owns 84,227 shares in the company, valued at $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.49% 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.