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

O-I Glass (NYSE:OI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.70-0.80 for the period, compared to the consensus EPS estimate of $1.13.

O-I Glass Stock Performance

NYSE OI traded down $0.30 on Tuesday, hitting $12.44. 2,492,067 shares of the stock were exchanged, compared to its average volume of 1,681,474. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75. The business’s fifty day moving average is $12.72 and its 200 day moving average is $12.50. O-I Glass has a 52 week low of $10.08 and a 52 week high of $17.58. The company has a market capitalization of $1.94 billion, a PE ratio of -7.99 and a beta of 1.17.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.77 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The company’s revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 earnings per share. Research analysts anticipate that O-I Glass will post 1.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

OI has been the topic of several research reports. Wells Fargo & Company decreased their price target on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. UBS Group reduced their price objective on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Royal Bank of Canada reduced their price objective 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. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Finally, Robert W. Baird reduced their price objective on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, O-I Glass currently has an average rating of “Moderate Buy” and a consensus price target of $16.63.

Insiders Place Their Bets

In related news, Director John Humphrey acquired 15,000 shares of O-I Glass stock in a transaction dated Tuesday, August 6th. The stock was bought at an average price of $11.30 per share, with a total value of $169,500.00. Following the transaction, the director now directly owns 84,227 shares in the company, valued at $951,765.10. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.49% of the company’s stock.

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.