Wells Fargo Maintains O-I Glass (OI) Overweight Recommendation

Fintel reports that on October 19, 2023, Wells Fargo maintained coverage of O-I Glass (NYSE:OI) with a Overweight recommendation.

Analyst Price Forecast Suggests 75.41% Upside

As of October 5, 2023, the average one-year price target for O-I Glass is 27.03. The forecasts range from a low of 19.19 to a high of $33.60. The average price target represents an increase of 75.41% from its latest reported closing price of 15.41.

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The projected annual revenue for O-I Glass is 7,131MM, an increase of 0.32%. The projected annual non-GAAP EPS is 2.28.

What is the Fund Sentiment?

There are 672 funds or institutions reporting positions in O-I Glass. This is a decrease of 2 owner(s) or 0.30% in the last quarter. Average portfolio weight of all funds dedicated to OI is 0.24%, a decrease of 5.01%. Total shares owned by institutions decreased in the last three months by 1.67% to 156,940K shares. The put/call ratio of OI is 0.20, indicating a bullish outlook.

What are Other Shareholders Doing?

IJR - iShares Core S&P Small-Cap ETF holds 10,899K shares representing 7.03% ownership of the company. In it's prior filing, the firm reported owning 11,260K shares, representing a decrease of 3.31%. The firm decreased its portfolio allocation in OI by 11.96% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 4,811K shares representing 3.10% ownership of the company. In it's prior filing, the firm reported owning 4,764K shares, representing an increase of 0.98%. The firm decreased its portfolio allocation in OI by 12.48% over the last quarter.

NAESX - Vanguard Small-Cap Index Fund Investor Shares holds 4,009K shares representing 2.59% ownership of the company. In it's prior filing, the firm reported owning 4,040K shares, representing a decrease of 0.77%. The firm decreased its portfolio allocation in OI by 11.33% over the last quarter.

FCPVX - Fidelity Small Cap Value Fund holds 3,800K shares representing 2.45% ownership of the company. No change in the last quarter.

IWM - iShares Russell 2000 ETF holds 3,526K shares representing 2.27% ownership of the company. In it's prior filing, the firm reported owning 3,335K shares, representing an increase of 5.41%. The firm decreased its portfolio allocation in OI by 8.47% over the last quarter.

O-I Glass Background Information
(This description is provided by the company.)

At O-I Glass, Inc., we love glass and we're proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it's also pure and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world's leading food and beverage brands. We innovate in line with customers' needs to create iconic packaging that builds brands around the world. Led by our diverse team of more than 25,000 people across 72 plants in 20 countries, O-I achieved revenues of $6.1 billion in 2020.

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This story originally appeared on Fintel.

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