Royal Bank of Canada Lowers O-I Glass (NYSE:OI) Price Target to $18.00

O-I Glass (NYSE:OI) had its price target lowered by Royal Bank of Canada from $20.00 to $18.00 in a research note released on Monday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company decreased their target price on O-I Glass from $19.00 to $18.00 and set an overweight rating for the company in a research note on Wednesday, July 17th. Truist Financial restated a buy rating and set a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. UBS Group cut their price target on shares of O-I Glass from $26.00 to $18.00 and set a buy rating on the stock in a research note on Wednesday, July 17th. Citigroup decreased their price objective on shares of O-I Glass from $14.00 to $12.00 and set a neutral rating for the company in a research note on Monday, July 8th. Finally, Robert W. Baird dropped their price objective on O-I Glass from $22.00 to $18.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $16.89.

O-I Glass Stock Up 2.7 %

Shares of NYSE:OI opened at $11.23 on Monday. The company has a quick ratio of 0.56, a current ratio of 1.26 and a debt-to-equity ratio of 2.85. O-I Glass has a fifty-two week low of $10.08 and a fifty-two week high of $20.31. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -7.06, a price-to-earnings-growth ratio of 1.27 and a beta of 1.24. The firm’s 50 day moving average price is $11.44 and its 200 day moving average price is $13.89.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.77 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 8.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 EPS. As a group, equities research analysts predict that O-I Glass will post 1.6 earnings per share for the current fiscal year.

Insider Buying and Selling at O-I Glass

In related news, Director John Humphrey bought 15,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were bought at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the purchase, the director now owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.49% of the stock is owned by company insiders.

Institutional Trading of O-I Glass

Hedge funds have recently made changes to their positions in the company. Fidelis Capital Partners LLC purchased a new position in shares of O-I Glass during the 1st quarter worth approximately $33,000. TFO Wealth Partners LLC raised its position in O-I Glass by 24,311.1% in the fourth quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 2,188 shares in the last quarter. FinTrust Capital Advisors LLC acquired a new stake in O-I Glass in the first quarter valued at $38,000. Headlands Technologies LLC purchased a new stake in shares of O-I Glass during the 1st quarter worth $39,000. Finally, International Assets Investment Management LLC grew its stake in shares of O-I Glass by 1,538.0% during the 4th quarter. International Assets Investment Management LLC now owns 4,095 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 3,845 shares during the period. Institutional investors and hedge funds 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.