Zacks Research Reduces Earnings Estimates for O-I Glass

O-I Glass, Inc. (NYSE:OI) – Zacks Research lowered their FY2024 earnings per share estimates for O-I Glass in a research note issued on Tuesday, November 12th. Zacks Research analyst M. Das now expects that the industrial products company will post earnings per share of $0.77 for the year, down from their prior estimate of $1.17. The consensus estimate for O-I Glass’ current full-year earnings is $0.75 per share. Zacks Research also issued estimates for O-I Glass’ Q4 2024 earnings at ($0.08) EPS, Q2 2025 earnings at $0.34 EPS, Q4 2025 earnings at $0.37 EPS and FY2025 earnings at $1.45 EPS.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. O-I Glass’s revenue was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.80 EPS.

Several other research analysts have also commented on the stock. Barclays decreased 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 report on Thursday, October 31st. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday. Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and increased their price target for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. Royal Bank of Canada reduced their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, Truist Financial reaffirmed a “buy” rating and issued a $16.00 target price (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, O-I Glass currently has a consensus rating of “Moderate Buy” and an average target price of $16.25.

O-I Glass Stock Performance

O-I Glass stock opened at $13.15 on Friday. O-I Glass has a 12 month low of $10.08 and a 12 month high of $17.58. The company has a fifty day moving average price of $12.65 and a two-hundred day moving average price of $12.29. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18.

Institutional Investors Weigh In On O-I Glass

Hedge funds and other institutional investors have recently modified their holdings of the stock. Maverick Capital Ltd. bought a new stake in O-I Glass during the third quarter worth approximately $1,264,000. Charles Schwab Investment Management Inc. raised its stake in shares of O-I Glass by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,823,138 shares of the industrial products company’s stock worth $23,920,000 after buying an additional 130,422 shares in the last quarter. Highland Peak Capital LLC bought a new stake in shares of O-I Glass in the 3rd quarter worth $27,132,000. Intech Investment Management LLC acquired a new stake in shares of O-I Glass in the third quarter valued at $563,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in O-I Glass by 22.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 99,230 shares of the industrial products company’s stock valued at $1,302,000 after buying an additional 18,000 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors.

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.