Bank of America Boosts O-I Glass (NYSE:OI) Price Target to $15.00

O-I Glass (NYSE:OI) had its price target hoisted by Bank of America from $14.00 to $15.00 in a research report sent to investors on Monday morning,Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Other equities research analysts have also issued research reports about the stock. Royal Bank of Canada decreased their target price 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. Barclays reduced 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 report on Thursday, October 31st. Wells Fargo & Company dropped their target price on O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a research report on Monday. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Finally, Citigroup increased their price objective on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $15.38.

O-I Glass Stock Performance

Shares of OI stock opened at $10.96 on Monday. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of -3.97 and a beta of 1.21. O-I Glass has a 1-year low of $9.85 and a 1-year high of $17.58. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 3.18. The stock’s fifty day simple moving average is $11.74 and its 200-day simple moving average is $11.97.

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 $0.04 by ($0.08). 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 6.34% and a positive return on equity of 9.16%. 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, sell-side analysts predict that O-I Glass will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

A number of institutional investors and hedge funds have recently modified their holdings of the company. Dimensional Fund Advisors LP increased its stake in shares of O-I Glass by 8.8% in 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 purchasing an additional 573,300 shares during the period. Geode Capital Management LLC grew its holdings in O-I Glass by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock valued at $46,827,000 after buying an additional 37,238 shares during the last quarter. Levin Capital Strategies L.P. increased its position in O-I Glass by 25.0% in the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock worth $39,082,000 after buying an additional 703,308 shares during the period. Private Management Group Inc. lifted its holdings in shares of 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 buying an additional 520,452 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of O-I Glass during the third quarter worth approximately $32,350,000. 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.