O-I Glass (NYSE:OI) Issues Earnings Results, Misses Estimates By $0.08 EPS

O-I Glass (NYSE:OI) issued its quarterly earnings data on Tuesday. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08), Briefing.com reports. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate 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 was down 3.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.80 EPS. O-I Glass updated its FY24 guidance to $0.70-0.80 EPS and its FY 2024 guidance to 0.700-0.800 EPS.

O-I Glass Price Performance

Shares of NYSE:OI opened at $11.11 on Friday. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -4.03 and a beta of 1.17. The business has a 50 day moving average price of $12.72 and a 200 day moving average price of $12.47. The company has a quick ratio of 0.75, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass has a twelve month low of $10.08 and a twelve month high of $17.58.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Wells Fargo & Company cut their target price on O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Robert W. Baird decreased their price target on O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Truist Financial reissued a “buy” rating and issued a $16.00 price objective (down from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Finally, Barclays decreased their target price 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. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and an average target price of $16.50.

Insiders Place Their Bets

In other O-I Glass 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 cost of $11.30 per share, with a total value of $169,500.00. Following the completion of the transaction, the director now owns 84,227 shares of the company’s stock, valued at $951,765.10. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.49% of the company’s stock.

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.