O-I Glass (NYSE:OI) Shares Gap Up Following Strong Earnings

O-I Glass, Inc. (NYSE:OI) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $11.73, but opened at $12.37. O-I Glass shares last traded at $11.98, with a volume of 85,253 shares traded.

The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%.

Analysts Set New Price Targets

A number of brokerages have weighed in on OI. Royal Bank of Canada decreased their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Barclays decreased 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, October 31st. Citigroup decreased their target price on O-I Glass from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Wells Fargo & Company decreased their target price on O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday, January 6th. Finally, Bank of America lifted their price target on O-I Glass from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, O-I Glass currently has an average rating of “Moderate Buy” and a consensus price target of $15.38.

Institutional Trading of O-I Glass

Several large investors have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new position in shares of O-I Glass in the 3rd quarter valued at about $27,000. GAMMA Investing LLC raised its holdings in O-I Glass by 371.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 1,892 shares during the period. R Squared Ltd acquired a new position in O-I Glass in the 4th quarter worth about $45,000. Nisa Investment Advisors LLC raised its holdings in O-I Glass by 28.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 1,136 shares during the period. Finally, KBC Group NV raised its holdings in O-I Glass by 38.9% in the 3rd quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 1,521 shares during the period. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Stock Up 2.8 %

The business has a fifty day simple moving average of $11.09 and a 200 day simple moving average of $11.96. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -4.34 and a beta of 1.22. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77.

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.