Royal Bank of Canada Trims O-I Glass (NYSE:OI) Target Price to $21.00

O-I Glass (NYSE:OI) had its price target reduced by Royal Bank of Canada from $25.00 to $21.00 in a research note published on Thursday, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the industrial products company’s stock.

A number of other research firms also recently issued reports on OI. Citigroup downgraded shares of O-I Glass from a buy rating to a neutral rating and boosted their target price for the company from $17.00 to $18.00 in a research report on Wednesday, January 3rd. Barclays lifted 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 report on Tuesday, February 13th. StockNews.com cut shares of O-I Glass from a buy rating to a hold rating in a report on Thursday, February 15th. Robert W. Baird cut their target price on shares of O-I Glass from $28.00 to $22.00 and set an outperform rating for the company in a research note on Thursday. Finally, Bank of America reissued a neutral rating and set a $16.00 target price (down previously from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, O-I Glass has an average rating of Hold and an average target price of $19.89.

O-I Glass Price Performance

OI traded up $0.36 during trading on Thursday, hitting $13.53. The stock had a trading volume of 523,582 shares, compared to its average volume of 1,744,784. O-I Glass has a twelve month low of $12.40 and a twelve month high of $23.57. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.02 and a quick ratio of 0.56. The stock has a 50 day simple moving average of $15.71 and a two-hundred day simple moving average of $15.55.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 EPS 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 during the quarter, compared to the consensus estimate of $1.69 billion. During the same period in the previous year, the firm posted $1.29 earnings per share. The business’s revenue for the quarter was down 13.0% compared to the same quarter last year. As a group, research analysts forecast that O-I Glass will post 1.6 EPS for the current fiscal year.

Institutional Trading of O-I Glass

Several hedge funds have recently made changes to their positions in OI. Van ECK Associates Corp boosted its position in shares of O-I Glass by 414.2% during the 3rd quarter. Van ECK Associates Corp now owns 129,826 shares of the industrial products company’s stock worth $2,172,000 after purchasing an additional 104,576 shares during the period. Levin Capital Strategies L.P. boosted its position in O-I Glass by 55.0% in the 4th quarter. Levin Capital Strategies L.P. now owns 1,691,765 shares of the industrial products company’s stock valued at $27,711,000 after buying an additional 600,239 shares during the period. Hussman Strategic Advisors Inc. purchased a new position in O-I Glass in the 3rd quarter valued at approximately $1,757,000. New York State Common Retirement Fund boosted its position in O-I Glass by 14.4% in the 3rd quarter. New York State Common Retirement Fund now owns 523,860 shares of the industrial products company’s stock valued at $8,764,000 after buying an additional 65,835 shares during the period. Finally, American Century Companies Inc. boosted its position in O-I Glass by 7.8% in the 3rd quarter. American Century Companies Inc. now owns 1,672,400 shares of the industrial products company’s stock valued at $27,979,000 after buying an additional 121,495 shares during the period. Hedge funds and other institutional investors own 97.24% 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.