In a difficult market environment, Owens Illinois Company (NYSE:) hit a new 52-week low, with shares falling to $10.09. The glass container manufacturer faced significant headwinds over the past year, which was reflected in a significant one-year decline of -35.7%. according to InvestingPro For analysis, the stock’s RSI indicates oversold conditions, while analyst targets range from $12 to $22, indicating a potential upside. Investors have expressed concern as the company faces market pressures, leading to this new low point in its stock performance. The 52-week low serves as a critical indicator for a company’s stakeholders, marking a stage of reassessment and potential strategic shifts to navigate through the current economic landscape. Despite the current challenges, InvestingPro The analysis indicates that the stock is trading below its fair value, with analysts expecting a return to profitability this year. InvestingPro subscribers can access 8 additional key pieces of information about Owens-Illinois through detailed research reports.
In other recent news, OI Glass, Inc., a leading global manufacturer of glass containers, announced significant changes to its operations and financial outlook. The company’s “Fit to Win” initiative, which aims to improve production and reduce costs, includes the closure of two kilns in Europe, affecting around 100 employees. The company also plans to close about 4% of its production capacity, specifically targeting factories that generate negative economic profits.
OI Glass’s latest financial disclosure reveals an expected charge of about $72 million in the fourth quarter of 2024 due to these closures. Furthermore, the company has agreed to a severance program within its European operations, and expects to incur additional charges of approximately $18 million in the same period.
The company’s financial performance has been subject to close scrutiny by several analysis firms. Barclays (LON:), Truist Securities and Loop Capital revised their price targets on OI Glass to $13, $15 and $12, respectively, while Baird Equity Research maintains an Outperform rating with an $18 target.
In the third quarter of 2024, OI Glass reported a significant decline in performance, with an adjusted net loss of $0.04 per share compared to $0.80 per share in the same quarter a year earlier. This loss is due to a decrease in production by 18% as a result of the slowdown in demand. The company revised its full-year adjusted earnings estimate to $0.70 to $0.80 per share.
Finally, OI Glass announced a temporary suspension of trading under its employee benefit plans due to a change in the mutual fund trading platform. This blackout period is expected to last, subject to regulatory requirements, until the week of January 19, 2025. These are the latest developments for OI Glass.
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