Rhumbline Advisers Decreases Stock Position in O-I Glass, Inc. (NYSE:OI)

Rhumbline Advisers reduced its position in O-I Glass, Inc. (NYSE:OI) by 6.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 456,211 shares of the industrial products company’s stock after selling 29,521 shares during the period. Rhumbline Advisers owned about 0.29% of O-I Glass worth $5,233,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in OI. Hourglass Capital LLC raised its holdings in O-I Glass by 105.6% in the 4th quarter. Hourglass Capital LLC now owns 167,450 shares of the industrial products company’s stock worth $1,815,000 after acquiring an additional 86,015 shares during the last quarter. Principal Financial Group Inc. raised its holdings in O-I Glass by 2.2% in the 4th quarter. Principal Financial Group Inc. now owns 750,006 shares of the industrial products company’s stock worth $8,130,000 after acquiring an additional 15,964 shares during the last quarter. Illinois Municipal Retirement Fund raised its holdings in O-I Glass by 3.7% in the 4th quarter. Illinois Municipal Retirement Fund now owns 89,224 shares of the industrial products company’s stock worth $967,000 after acquiring an additional 3,207 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in O-I Glass by 277.1% in the 4th quarter. Jones Financial Companies Lllp now owns 14,982 shares of the industrial products company’s stock worth $162,000 after acquiring an additional 11,009 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in O-I Glass by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,848,857 shares of the industrial products company’s stock worth $20,042,000 after acquiring an additional 25,719 shares during the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Trading Down 2.0%

Shares of OI stock opened at $13.73 on Friday. O-I Glass, Inc. has a 1 year low of $9.23 and a 1 year high of $14.34. The firm has a fifty day moving average price of $12.47 and a 200-day moving average price of $11.72. The company has a debt-to-equity ratio of 3.78, a current ratio of 1.15 and a quick ratio of 0.70. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -19.34, a PEG ratio of 0.24 and a beta of 0.96.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.22. O-I Glass had a negative net margin of 1.62% and a positive return on equity of 8.27%. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities analysts predict that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on OI shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $16.00 target price on shares of O-I Glass in a research report on Monday, March 17th. Barclays lifted their target price on shares of O-I Glass from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Wall Street Zen raised shares of O-I Glass from a “hold” rating to a “buy” rating in a research report on Saturday, May 24th. Citigroup lifted their target price on shares of O-I Glass from $11.00 to $14.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $16.00 target price (up previously from $13.00) on shares of O-I Glass in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.88.

About O-I Glass

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.