O-I Glass (NYSE:OI) Releases FY24 Earnings Guidance

O-I Glass (NYSE:OI) updated its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.70-0.80 for the period, compared to the consensus estimate of $1.13. O-I Glass also updated its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Stock Down 3.8 %

O-I Glass stock traded down $0.44 during mid-day trading on Thursday, hitting $11.11. The company’s stock had a trading volume of 2,187,560 shares, compared to its average volume of 1,693,189. The firm’s 50 day moving average is $12.72 and its 200 day moving average is $12.47. The company has a market cap of $1.73 billion, a PE ratio of -7.08 and a beta of 1.17. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75. O-I Glass has a 52-week low of $10.08 and a 52-week high of $17.58.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.07). 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 4.32% and a positive return on equity of 15.64%. O-I Glass’s revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.80 EPS. On average, analysts anticipate that O-I Glass will post 1.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on OI shares. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Wells Fargo & Company lowered their price target on O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Citigroup raised their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Robert W. Baird reduced their target price on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, Royal Bank of Canada dropped their price target on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a research note on Monday, August 5th. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.50.

Insider Transactions at O-I Glass

In other O-I Glass news, Director John Humphrey acquired 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was 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 approximately $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.49% of the stock is owned by corporate insiders.

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.