Wells Fargo & Company Lowers O-I Glass (NYSE:OI) Price Target to $19.00

O-I Glass (NYSE:OI) had its target price decreased by stock analysts at Wells Fargo & Company from $22.00 to $19.00 in a report issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 44.27% from the company’s current price.

Several other analysts have also issued reports on the company. Truist Financial reiterated a “buy” rating and set a $20.00 price objective on shares of O-I Glass in a report on Monday, March 25th. TheStreet cut O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Barclays raised their price objective on shares of O-I Glass from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 13th. StockNews.com downgraded shares of O-I Glass from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Finally, UBS Group started coverage on shares of O-I Glass in a report on Tuesday, January 16th. They set a “buy” rating and a $26.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $19.89.

O-I Glass Price Performance

Shares of NYSE OI traded up $0.08 during midday trading on Thursday, reaching $13.17. The company’s stock had a trading volume of 1,483,504 shares, compared to its average volume of 1,925,177. The company has a market cap of $2.05 billion, a price-to-earnings ratio of -8.28, a price-to-earnings-growth ratio of 1.22 and a beta of 1.36. O-I Glass has a one year low of $12.40 and a one year high of $23.57. The company has a current ratio of 1.02, a quick ratio of 0.77 and a debt-to-equity ratio of 2.26. The company has a 50 day moving average price of $15.71 and a 200 day moving average price of $15.54.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.09. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The business had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the firm posted $1.29 earnings per share. The firm’s quarterly revenue was down 13.0% compared to the same quarter last year. On average, equities research analysts expect that O-I Glass will post 1.75 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Covestor Ltd grew its stake in O-I Glass by 259.7% in the third quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 1,205 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of O-I Glass during the 1st quarter valued at about $33,000. TFO Wealth Partners LLC grew its position in shares of O-I Glass by 24,311.1% in the 4th quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 2,188 shares during the period. FinTrust Capital Advisors LLC bought a new stake in O-I Glass during the 1st quarter worth approximately $38,000. Finally, Signaturefd LLC acquired a new stake in O-I Glass during the 3rd quarter worth approximately $62,000. Institutional investors and hedge funds 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.