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

O-I Glass (NYSE:OI) issued its quarterly earnings data 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 company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter last year, the company earned $0.80 earnings per share. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. 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 Stock Down 7.2 %

Shares of NYSE OI opened at $11.55 on Thursday. 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 $1.80 billion, a PE ratio of -7.26 and a beta of 1.17. The stock’s fifty day simple moving average is $12.73 and its two-hundred day simple moving average is $12.48. O-I Glass has a 12-month low of $10.08 and a 12-month high of $17.58.

Insider Buying and Selling at O-I Glass

In related news, Director John Humphrey bought 15,000 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were acquired 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 of the company’s stock, valued at $951,765.10. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.49% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on OI shares. Citigroup increased 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. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and increased their price target for the stock from $14.00 to $16.00 in a report on Thursday, October 17th. UBS Group reduced their price target on O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Wells Fargo & Company reduced their price target on O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Finally, Barclays dropped 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 note on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average 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.