Wells Fargo & Company Cuts O-I Glass (NYSE:OI) Price Target to $16.00

O-I Glass (NYSE:OI) had its price target lowered by Wells Fargo & Company from $18.00 to $16.00 in a research note issued to investors on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the industrial products company’s stock.

A number of other brokerages have also commented on OI. Bank of America upgraded shares of 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. Barclays dropped their price target on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Citigroup upped their price objective on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Finally, Royal Bank of Canada decreased 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 research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, O-I Glass presently has a consensus rating of “Moderate Buy” and a consensus target price of $15.38.

O-I Glass Price Performance

OI opened at $10.47 on Monday. The company has a fifty day simple moving average of $11.71 and a 200 day simple moving average of $11.97. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The stock has a market cap of $1.62 billion, a P/E ratio of -3.79 and a beta of 1.21. O-I Glass has a 12 month low of $9.85 and a 12 month high of $17.58.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The business had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the prior year, the business earned $0.80 EPS. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. On average, research analysts expect that O-I Glass will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Rhumbline Advisers grew its holdings in O-I Glass by 5.4% during the second quarter. Rhumbline Advisers now owns 498,438 shares of the industrial products company’s stock worth $5,548,000 after purchasing an additional 25,353 shares during the period. Private Management Group Inc. lifted its position in shares of O-I Glass by 21.3% in the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock valued at $27,884,000 after buying an additional 439,838 shares during the last quarter. Levin Capital Strategies L.P. boosted its stake in shares of 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 acquiring an additional 703,308 shares during the period. Headlands Technologies LLC boosted its stake in shares of O-I Glass by 986.6% during the 2nd quarter. Headlands Technologies LLC now owns 25,242 shares of the industrial products company’s stock worth $281,000 after acquiring an additional 22,919 shares during the period. Finally, American Century Companies Inc. raised its stake in O-I Glass by 35.3% in the 2nd quarter. American Century Companies Inc. now owns 213,392 shares of the industrial products company’s stock valued at $2,375,000 after acquiring an additional 55,701 shares during the period. Institutional investors own 97.24% 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.