O-I Glass (NYSE:OI) Reaches New 52-Week Low – Here’s What Happened

O-I Glass, Inc. (NYSE:OI)’s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $10.03 and last traded at $10.04, with a volume of 774374 shares changing hands. The stock had previously closed at $10.38.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Citigroup boosted their target price on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Royal Bank of Canada cut their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Barclays cut their price objective on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $14.00 to $16.00 in a report on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Price Performance

The company has a 50-day simple moving average of $12.34 and a two-hundred day simple moving average of $12.10. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of -3.62 and a beta of 1.20. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23.

O-I Glass (NYSE:OI) last announced 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). The firm 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 6.34% and a positive return on equity of 9.16%. The business’s revenue was down 3.7% compared to the same quarter last year. During the same period last year, the business earned $0.80 earnings per share. As a group, equities research analysts forecast that O-I Glass, Inc. will post 0.76 EPS for the current year.

Hedge Funds Weigh In On O-I Glass

Several institutional investors have recently added to or reduced their stakes in OI. SG Americas Securities LLC boosted its stake in shares of O-I Glass by 112.8% in the 2nd quarter. SG Americas Securities LLC now owns 41,623 shares of the industrial products company’s stock worth $463,000 after buying an additional 22,061 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of O-I Glass by 2.2% during the second quarter. Louisiana State Employees Retirement System now owns 78,300 shares of the industrial products company’s stock valued at $871,000 after buying an additional 1,700 shares during the last quarter. Access Investment Management LLC increased its holdings in O-I Glass by 36.0% during the 2nd quarter. Access Investment Management LLC now owns 340,000 shares of the industrial products company’s stock valued at $3,784,000 after purchasing an additional 90,000 shares during the period. Bfsg LLC increased its position in shares of O-I Glass by 30.1% during the second quarter. Bfsg LLC now owns 18,770 shares of the industrial products company’s stock valued at $209,000 after buying an additional 4,340 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of O-I Glass by 95.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,573 shares of the industrial products company’s stock valued at $630,000 after buying an additional 27,669 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

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.