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

O-I Glass (NYSE:OI) had its target price reduced by equities researchers at Wells Fargo & Company from $18.00 to $16.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 49.67% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Citigroup upped their target price on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. 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. Royal Bank of Canada dropped their price target on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $14.00 to $16.00 in a research note on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.38.

O-I Glass Trading Down 2.6 %

Shares of NYSE:OI opened at $10.69 on Monday. O-I Glass has a 52 week low of $9.85 and a 52 week high of $17.58. The company’s 50 day moving average is $11.71 and its two-hundred day moving average is $11.97. The company has a market cap of $1.65 billion, a PE ratio of -3.87 and a beta of 1.21. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 3.18.

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

Hedge Funds Weigh In On O-I Glass

A number of hedge funds and other institutional investors have recently bought and sold shares of OI. Segall Bryant & Hamill LLC acquired a new stake in shares of O-I Glass in the 3rd quarter worth $32,350,000. Highland Peak Capital LLC purchased a new position in O-I Glass during the third quarter worth about $27,132,000. Levin Capital Strategies L.P. raised its holdings in O-I Glass by 25.0% during the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock worth $39,082,000 after purchasing an additional 703,308 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in O-I Glass by 8.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after purchasing an additional 573,300 shares during the period. Finally, Private Management Group Inc. boosted its holdings in O-I Glass by 20.8% in the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock valued at $39,698,000 after purchasing an additional 520,452 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

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.