Wells Fargo & Company Lowers O-I Glass (NYSE:OI) Price Target to $16.00

O-I Glass (NYSE:OI) had its price objective decreased by analysts at Wells Fargo & Company from $18.00 to $16.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 42.98% from the company’s previous close.

A number of other analysts have also recently weighed in on the company. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and raised their price target for the company from $14.00 to $16.00 in a research note on Thursday, October 17th. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research note 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 on the stock in a research note on Friday, November 1st. Citigroup boosted their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Barclays dropped 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, October 31st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average price target of $16.00.

O-I Glass Stock Up 5.9 %

OI stock traded up $0.62 during midday trading on Monday, hitting $11.19. The company’s stock had a trading volume of 195,942 shares, compared to its average volume of 976,937. The firm has a 50-day simple moving average of $11.78 and a 200-day simple moving average of $11.97. The firm has a market capitalization of $1.73 billion, a P/E ratio of -4.05 and a beta of 1.21. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass has a 52-week low of $9.85 and a 52-week high of $17.58.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate 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 company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 earnings per share. As a group, equities analysts forecast that O-I Glass will post 0.76 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Segall Bryant & Hamill LLC acquired a new stake in shares of O-I Glass during the third quarter worth $32,350,000. Highland Peak Capital LLC acquired a new stake in shares of O-I Glass in the 3rd quarter worth $27,132,000. Levin Capital Strategies L.P. boosted its holdings in shares of O-I Glass by 25.0% in the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock valued at $39,082,000 after acquiring an additional 703,308 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of O-I Glass by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock worth $78,952,000 after acquiring an additional 573,300 shares during the period. Finally, Private Management Group Inc. raised its holdings in O-I Glass by 20.8% during the third quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after purchasing an additional 520,452 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.