O-I Glass (OI) shares soared 9.5% in the last trading session to close at $10.53. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.9% loss over the past four weeks.
O-I Glass’ shares got a boost yesterday after U.S President Trump announced a 90-day pause on certain tariffs for most countries (except China).
OI’s shares also gained since the company announced the launch of the "Fit to Win" initiative to improve its long-term competitiveness in the French glass market. The company’s French glass market has been facing challenges due to a slowdown in the wine industry, overcapacity, and strong competition. The company is considering operational adjustments at several plants, including potential closures and resizing of administrative functions, which could impact 320 positions. However, O-I Glass also plans to invest in its French plants as part of its 2025 capital plan, which will strengthen its position in the market and support the development of glass usage.
This glass container manufacturer is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -60%. Revenues are expected to be $1.53 billion, down 3.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For O-I Glass, the consensus EPS estimate for the quarter has been revised 2.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on OI going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
O-I Glass is a member of the Zacks Glass Products industry. One other stock in the same industry, Apogee Enterprises (APOG), finished the last trading session 7.6% higher at $46.81. APOG has returned -8% over the past month.
Apogee Enterprises' consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.90. Compared to the company's year-ago EPS, this represents a change of -21.1%. Apogee Enterprises currently boasts a Zacks Rank of #3 (Hold).
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O-I Glass, Inc. (OI): Free Stock Analysis Report Apogee Enterprises, Inc. (APOG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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