O-I Glass (NYSE:OI) Updates FY 2024 Earnings Guidance

O-I Glass (NYSE:OI) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 0.700-0.800 for the period, compared to the consensus EPS estimate of 1.130. The company issued revenue guidance of -. O-I Glass also updated its FY24 guidance to $0.70-0.80 EPS.

O-I Glass Trading Down 2.4 %

OI stock traded down $0.30 during midday trading on Tuesday, hitting $12.44. 2,492,067 shares of the company’s stock were exchanged, compared to its average volume of 1,681,474. The business has a 50-day simple moving average of $12.72 and a two-hundred day simple moving average of $12.50. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85. The stock has a market capitalization of $1.94 billion, a PE ratio of -7.99 and a beta of 1.17. O-I Glass has a 1-year low of $10.08 and a 1-year high of $17.58.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.77 billion. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. O-I Glass’s revenue was down 8.5% compared to the same quarter last year. During the same period last year, the business posted $0.88 earnings per share. On average, sell-side analysts predict that O-I Glass will post 1.11 EPS for the current fiscal year.

Analyst Ratings Changes

OI has been the topic of several recent research reports. Truist Financial restated a “buy” rating and issued a $16.00 price target (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Robert W. Baird dropped their price target on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Wells Fargo & Company dropped their price target 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. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and boosted their price target for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. Finally, UBS Group dropped their price target on O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, O-I Glass currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.63.

Insider Buying and Selling

In other news, Director John Humphrey bought 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the acquisition, the director now directly owns 84,227 shares of the company’s stock, valued at $951,765.10. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 1.49% 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.