Wells Fargo & Company Has Lowered Expectations for O-I Glass (NYSE:OI) Stock Price

O-I Glass (NYSE:OI) had its target price reduced by equities researchers at Wells Fargo & Company from $18.00 to $16.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 49.67% from the company’s previous close.

OI has been the topic of a number of other reports. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. 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 report on Friday, November 1st. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and increased their price target for the company from $14.00 to $16.00 in a report on Thursday, October 17th. Citigroup boosted their price objective on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Barclays dropped their price target on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average price target of $15.38.

O-I Glass Stock Performance

NYSE:OI opened at $10.69 on Monday. The company has a fifty day moving average of $11.71 and a two-hundred day moving average of $11.97. O-I Glass has a fifty-two week low of $9.85 and a fifty-two week high of $17.58. The stock has a market capitalization of $1.65 billion, a PE ratio of -3.87 and a beta of 1.21. 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 (NYSE:OI) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the company earned $0.80 EPS. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. As a group, research analysts forecast that O-I Glass will post 0.76 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its holdings in shares of O-I Glass by 8.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after purchasing an additional 573,300 shares in the last quarter. Geode Capital Management LLC boosted its position in O-I Glass by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock valued at $46,827,000 after buying an additional 37,238 shares during the period. Levin Capital Strategies L.P. grew its stake in shares of O-I Glass by 25.0% in the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock worth $39,082,000 after acquiring an additional 703,308 shares in the last quarter. Private Management Group Inc. increased its position in shares of O-I Glass by 20.8% during the third quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after acquiring an additional 520,452 shares during the period. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of O-I Glass during the third quarter worth $32,350,000. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

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.