O-I Glass (NYSE:OI) Posts Earnings Results

O-I Glass (NYSE:OI) released its quarterly earnings results on Tuesday. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.07), Briefing.com reports. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the firm earned $0.80 earnings per share. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. O-I Glass updated its FY24 guidance to $0.70-0.80 EPS and its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Price Performance

Shares of OI traded down $0.57 during mid-day trading on Wednesday, hitting $11.87. 2,025,271 shares of the stock were exchanged, compared to its average volume of 1,683,175. The company has a market cap of $1.85 billion, a PE ratio of -7.35 and a beta of 1.17. O-I Glass has a 52-week low of $10.08 and a 52-week high of $17.58. The firm has a 50-day moving average of $12.73 and a two-hundred day moving average of $12.48. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26.

Insider Transactions at O-I Glass

In related news, Director John Humphrey bought 15,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were purchased at an average price of $11.30 per share, with a total value of $169,500.00. Following the transaction, the director now owns 84,227 shares in the company, valued at $951,765.10. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.49% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on OI shares. Wells Fargo & Company lowered their price objective on O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 17th. Royal Bank of Canada lowered their price objective on O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Barclays lowered their price objective on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Truist Financial reissued a “buy” rating and issued a $16.00 price target (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Finally, Citigroup boosted their price target on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and a consensus target price of $16.63.

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.