O-I Glass (NYSE:OI) Shares Gap Up – Here’s What Happened

Shares of O-I Glass, Inc. (NYSE:OI) gapped up prior to trading on Thursday . The stock had previously closed at $12.73, but opened at $13.18. O-I Glass shares last traded at $13.14, with a volume of 64,364 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on OI shares. Citigroup lifted their price objective on O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Truist Financial restated a “buy” rating and issued a $16.00 price objective (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Robert W. Baird reduced their target price on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Royal Bank of Canada reduced their target price on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Finally, Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $14.00 to $16.00 in a report on Thursday. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $16.63.

O-I Glass Trading Up 1.6 %

The stock has a 50-day moving average of $12.60 and a 200 day moving average of $12.73. The stock has a market cap of $2.02 billion, a PE ratio of -8.01, a price-to-earnings-growth ratio of 1.88 and a beta of 1.17. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.77 billion. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. O-I Glass’s revenue for the quarter was down 8.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.88 earnings per share. As a group, sell-side analysts anticipate that O-I Glass, Inc. will post 1.13 earnings per share for the current year.

Insider Activity at O-I Glass

In other news, Director John Humphrey bought 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the transaction, the director now directly owns 84,227 shares in the company, valued at approximately $951,765.10. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.49% of the stock is owned by insiders.

Institutional Investors Weigh In On O-I Glass

Several hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. raised its stake in shares of O-I Glass by 8.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,474,863 shares of the industrial products company’s stock worth $24,158,000 after buying an additional 115,728 shares during the period. Thompson Investment Management Inc. raised its stake in shares of O-I Glass by 84.2% during the 1st quarter. Thompson Investment Management Inc. now owns 393,883 shares of the industrial products company’s stock worth $6,535,000 after buying an additional 180,093 shares during the period. Hennessy Advisors Inc. raised its stake in shares of O-I Glass by 44.0% during the 1st quarter. Hennessy Advisors Inc. now owns 204,300 shares of the industrial products company’s stock worth $3,389,000 after buying an additional 62,400 shares during the period. Diversified Trust Co raised its stake in shares of O-I Glass by 15.1% during the 1st quarter. Diversified Trust Co now owns 45,772 shares of the industrial products company’s stock worth $759,000 after buying an additional 6,020 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of O-I Glass during the 1st quarter worth approximately $2,258,000. Hedge funds and other institutional investors own 97.24% 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.