Citigroup Has Lowered Expectations for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its target price reduced by Citigroup from $12.00 to $11.00 in a report released on Monday morning,Benzinga reports. They currently have a neutral rating on the industrial products company’s stock.

A number of other research firms have also weighed in on OI. Barclays cut their target price on shares of 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. Bank of America boosted their target price on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday. 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 note on Friday, November 1st. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, Wells Fargo & Company reduced their price target on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, O-I Glass presently has a consensus rating of “Moderate Buy” and an average target price of $15.38.

O-I Glass Stock Performance

Shares of OI stock opened at $10.47 on Monday. The firm has a 50 day moving average of $11.71 and a two-hundred day moving average of $11.97. The stock has a market capitalization of $1.62 billion, a PE ratio of -3.79 and a beta of 1.21. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass has a 52 week low of $9.85 and a 52 week high of $17.58.

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

Institutional Trading of O-I Glass

Several large investors have recently modified their holdings of the business. Highland Peak Capital LLC acquired a new stake in shares of O-I Glass during the third quarter valued at $27,132,000. Barclays PLC grew its holdings in shares of O-I Glass by 349.3% during the third quarter. Barclays PLC now owns 261,161 shares of the industrial products company’s stock worth $3,427,000 after buying an additional 203,037 shares in the last quarter. Maverick Capital Ltd. acquired a new position in shares of O-I Glass in the third quarter valued at approximately $1,264,000. Segall Bryant & Hamill LLC purchased a new position in shares of O-I Glass during the third quarter valued at approximately $32,350,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of O-I Glass by 33.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 172,565 shares of the industrial products company’s stock worth $2,264,000 after purchasing an additional 43,724 shares during the period. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.