O-I Glass (NYSE:OI) Issues FY24 Earnings Guidance

O-I Glass (NYSE:OI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.70-0.80 for the period, compared to the consensus estimate of $1.13. O-I Glass also updated its FY 2024 guidance to 0.700-0.800 EPS.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on OI shares. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird dropped their price target on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Royal Bank of Canada decreased their price objective on O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the company from $14.00 to $16.00 in a research note on Thursday, October 17th. Finally, Barclays cut their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

O-I Glass Price Performance

Shares of NYSE:OI traded down $0.44 during trading on Thursday, reaching $11.11. The stock had a trading volume of 2,187,560 shares, compared to its average volume of 1,693,189. The stock has a market capitalization of $1.73 billion, a PE ratio of -7.08 and a beta of 1.17. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75. O-I Glass has a 52 week low of $10.08 and a 52 week high of $17.58. The business’s 50-day moving average price is $12.72 and its 200 day moving average price is $12.47.

O-I Glass (NYSE:OI) 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 the consensus estimate of $0.03 by ($0.07). The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 EPS. As a group, equities analysts predict that O-I Glass will post 1.11 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John Humphrey purchased 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $11.30 per share, with a total value of $169,500.00. Following the completion of the purchase, the director now directly owns 84,227 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. 1.49% of the stock is owned by corporate insiders.

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.