O-I Glass (NYSE:OI) Price Target Cut to $11.00 by Analysts at Citigroup

O-I Glass (NYSE:OI) had its price objective reduced by investment analysts at Citigroup from $12.00 to $11.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price target points to a potential upside of 0.36% from the stock’s previous close.

A number of other equities research analysts also recently issued reports on OI. Wells Fargo & Company reduced their price target on O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a research report on Monday. Barclays dropped their price target on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Royal Bank of Canada cut their price target on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, Bank of America lifted 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 note on Monday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $15.38.

O-I Glass Stock Performance

O-I Glass stock traded up $0.39 during trading hours on Monday, hitting $10.96. The company had a trading volume of 1,314,874 shares, compared to its average volume of 1,229,307. O-I Glass has a one year low of $9.85 and a one year high of $17.58. The firm has a market cap of $1.69 billion, a PE ratio of -3.97 and a beta of 1.21. The firm has a 50-day moving average of $11.78 and a 200 day moving average of $11.97. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77.

O-I Glass (NYSE:OI) last released its quarterly 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 $0.04 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 for the quarter was down 3.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.80 earnings per share. On average, sell-side analysts expect that O-I Glass will post 0.76 earnings per share for the current year.

Institutional Trading of O-I Glass

Hedge funds and other institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its position in O-I Glass by 8.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock worth $78,952,000 after acquiring an additional 573,300 shares during the last quarter. Geode Capital Management LLC raised its holdings in O-I Glass by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock valued at $46,827,000 after buying an additional 37,238 shares during the last quarter. Levin Capital Strategies L.P. boosted its position in O-I Glass by 25.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock worth $39,082,000 after buying an additional 703,308 shares during the period. Private Management Group Inc. increased its position in O-I Glass by 20.8% in the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock valued at $39,698,000 after acquiring an additional 520,452 shares during the period. Finally, Segall Bryant & Hamill LLC bought a new position in shares of O-I Glass during the third quarter valued at $32,350,000. Institutional investors own 97.24% of the company’s stock.

O-I Glass Company Profile

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.