Citigroup Cuts O-I Glass (NYSE:OI) Price Target to $11.00

O-I Glass (NYSE:OI) had its price target lowered by research analysts at Citigroup from $12.00 to $11.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price objective would indicate a potential upside of 0.36% from the stock’s previous close.

OI has been the subject of a number of other reports. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Royal Bank of Canada dropped their price target on shares of 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. Bank of America lifted their target price on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday. Barclays decreased their price objective on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, Wells Fargo & Company reduced their target price on O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a report on Monday. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $15.38.

O-I Glass Price Performance

NYSE:OI traded up $0.39 during mid-day trading on Monday, reaching $10.96. 1,314,874 shares of the company were exchanged, compared to its average volume of 1,229,307. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The stock has a market cap of $1.69 billion, a PE ratio of -3.97 and a beta of 1.21. O-I Glass has a 12 month low of $9.85 and a 12 month high of $17.58. The company has a fifty day moving average of $11.78 and a 200 day moving average of $11.97.

O-I Glass (NYSE:OI) last issued 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). 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 analyst estimates of $1.76 billion. During the same period in the prior year, the business earned $0.80 EPS. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, research analysts anticipate that O-I Glass will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

Several large investors have recently made changes to their positions in the stock. Highland Peak Capital LLC acquired a new position in O-I Glass during the 3rd quarter worth approximately $27,132,000. Barclays PLC grew its position in O-I Glass by 349.3% in the third quarter. Barclays PLC now owns 261,161 shares of the industrial products company’s stock valued at $3,427,000 after purchasing an additional 203,037 shares in the last quarter. Maverick Capital Ltd. acquired a new stake in O-I Glass in the 3rd quarter valued at $1,264,000. Segall Bryant & Hamill LLC bought a new stake in O-I Glass during the 3rd quarter worth about $32,350,000. Finally, Allspring Global Investments Holdings LLC boosted 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 buying an additional 43,724 shares during the last quarter. Institutional investors own 97.24% 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.