O-I Glass (NYSE:OI) Updates FY 2024 Earnings Guidance

O-I Glass (NYSE:OI) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.700-0.800 for the period, compared to the consensus EPS estimate of 1.130. The company issued revenue guidance of -. O-I Glass also updated its FY24 guidance to $0.70-0.80 EPS.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OI. Barclays decreased 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 report on Thursday. Citigroup lifted their target price on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Wells Fargo & Company decreased their price target on shares of 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. Truist Financial reiterated a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Finally, UBS Group reduced their price objective on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average price target of $16.25.

O-I Glass Price Performance

Shares of NYSE OI remained flat at $11.11 during trading on Friday. 477,043 shares of the stock were exchanged, compared to its average volume of 1,687,452. The firm’s 50-day moving average price is $12.70 and its 200 day moving average price is $12.46. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.75. The stock has a market capitalization of $1.73 billion, a PE ratio of -4.07 and a beta of 1.17. O-I Glass has a 12-month low of $10.08 and a 12-month high of $17.58.

O-I Glass (NYSE:OI) last posted its quarterly earnings data 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 positive return on equity of 9.16% and a negative net margin of 6.34%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the business posted $0.80 EPS. The business’s quarterly revenue was down 3.7% compared to the same quarter last year. As a group, research analysts predict that O-I Glass will post 0.75 EPS for the current year.

Insiders Place Their Bets

In other news, Director John Humphrey acquired 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the acquisition, the director now directly owns 84,227 shares of the company’s stock, valued at $951,765.10. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.49% of the stock is owned by insiders.

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.