Citigroup Issues Pessimistic Forecast for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its price target cut by research analysts at Citigroup from $12.00 to $11.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the industrial products company’s stock. Citigroup’s price objective indicates a potential upside of 2.90% from the company’s current price.

OI has been the topic of several other research reports. Barclays cut their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Bank of America raised their target price on shares of O-I Glass from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company reduced their price objective on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Royal Bank of Canada lowered their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, O-I Glass presently has a consensus rating of “Moderate Buy” and an average price target of $15.38.

O-I Glass Price Performance

NYSE OI opened at $10.69 on Monday. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23. O-I Glass has a 52-week low of $9.85 and a 52-week high of $17.58. The business has a 50 day simple moving average of $11.71 and a 200 day simple moving average of $11.97. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of -3.87 and a beta of 1.21.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company’s revenue was down 3.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.80 earnings per share. Analysts anticipate that O-I Glass will post 0.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Everence Capital Management Inc. lifted its position in O-I Glass by 6.1% during the third quarter. Everence Capital Management Inc. now owns 15,550 shares of the industrial products company’s stock worth $204,000 after acquiring an additional 890 shares during the last quarter. Diversified Trust Co boosted its stake in O-I Glass by 2.0% in the 3rd quarter. Diversified Trust Co now owns 49,596 shares of the industrial products company’s stock valued at $651,000 after purchasing an additional 965 shares during the period. Nisa Investment Advisors LLC boosted its stake in O-I Glass by 28.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 1,136 shares during the period. Mackenzie Financial Corp grew its holdings in O-I Glass by 6.1% in the 2nd quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company’s stock valued at $224,000 after buying an additional 1,162 shares in the last quarter. Finally, KBC Group NV increased its position in O-I Glass by 38.9% during the 3rd quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock worth $71,000 after buying an additional 1,521 shares during the period. 97.24% of the stock is currently owned by institutional investors.

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.