O-I Glass (NYSE:OI) Hits New 52-Week Low – What’s Next?

O-I Glass, Inc. (NYSE:OI)’s share price hit a new 52-week low on Thursday . The company traded as low as $10.03 and last traded at $10.04, with a volume of 774374 shares changing hands. The stock had previously closed at $10.38.

Analysts Set New Price Targets

A number of equities research analysts recently commented on OI shares. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Royal Bank of Canada decreased their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Barclays cut their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Citigroup raised their price target on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.25.

O-I Glass Stock Down 3.7 %

The company has a market cap of $1.55 billion, a P/E ratio of -3.62 and a beta of 1.20. The business’s fifty day moving average is $12.34 and its two-hundred day moving average is $12.10. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23.

O-I Glass (NYSE:OI) last posted its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The business had revenue of $1.68 billion for the quarter, compared to analysts’ expectations 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 company’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same period last year, the business posted $0.80 EPS. Equities analysts predict that O-I Glass, Inc. will post 0.76 EPS for the current year.

Institutional Trading of O-I Glass

Large investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. purchased a new position in O-I Glass in the 3rd quarter valued at about $27,000. Newbridge Financial Services Group Inc. boosted its holdings in O-I Glass by 1,337.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 2,675 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of O-I Glass by 371.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after buying an additional 1,892 shares during the period. Nisa Investment Advisors LLC grew its holdings in O-I Glass by 28.4% during the third quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,136 shares during the period. Finally, KBC Group NV lifted its holdings in O-I Glass by 38.9% in the third quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock valued at $71,000 after acquiring an additional 1,521 shares during the period. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.