Zacks Research Weighs in on O-I Glass, Inc.’s Q1 2024 Earnings (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) – Analysts at Zacks Research decreased their Q1 2024 earnings per share estimates for O-I Glass in a research report issued on Tuesday, April 16th. Zacks Research analyst M. Das now forecasts that the industrial products company will post earnings per share of $0.34 for the quarter, down from their prior forecast of $0.35. The consensus estimate for O-I Glass’ current full-year earnings is $2.38 per share. Zacks Research also issued estimates for O-I Glass’ Q2 2024 earnings at $0.75 EPS, Q3 2024 earnings at $0.84 EPS, Q4 2024 earnings at $0.47 EPS, FY2024 earnings at $2.40 EPS, Q1 2025 earnings at $0.51 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.69 EPS and FY2025 earnings at $2.66 EPS.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, February 6th. The industrial products company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.09. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.63 billion. During the same period last year, the business posted $0.38 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis.

OI has been the subject of a number of other reports. UBS Group began coverage on O-I Glass in a report on Tuesday, January 16th. They issued a “buy” rating and a $26.00 price target for the company. Citigroup lowered O-I Glass from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $17.00 to $18.00 in a research note on Wednesday, January 3rd. Truist Financial reissued a “buy” rating and set a $20.00 price objective on shares of O-I Glass in a research note on Monday, March 25th. StockNews.com lowered O-I Glass from a “buy” rating to a “hold” rating in a research note on Thursday, February 15th. Finally, TheStreet lowered O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

O-I Glass Stock Performance

Shares of O-I Glass stock traded down $0.09 during trading hours on Wednesday, reaching $15.09. The company had a trading volume of 1,096,362 shares, compared to its average volume of 1,679,194. O-I Glass has a one year low of $13.56 and a one year high of $23.57. The business has a fifty day simple moving average of $16.21 and a 200 day simple moving average of $15.66. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.23 and a quick ratio of 0.77. The firm has a market cap of $2.35 billion, a PE ratio of -20.24, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Covestor Ltd grew its holdings in shares of O-I Glass by 259.7% during the 3rd quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 1,205 shares during the period. Belpointe Asset Management LLC grew its holdings in shares of O-I Glass by 109.4% during the 1st quarter. Belpointe Asset Management LLC now owns 1,518 shares of the industrial products company’s stock worth $34,000 after acquiring an additional 793 shares during the period. Lazard Asset Management LLC bought a new stake in shares of O-I Glass in the 1st quarter worth approximately $34,000. TFO Wealth Partners LLC boosted 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 worth $36,000 after purchasing an additional 2,188 shares in the last quarter. Finally, Quarry LP boosted its position in shares of O-I Glass by 499.3% in the 1st quarter. Quarry LP now owns 1,744 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 1,453 shares in the last quarter. 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.