Meridian Investment Counsel Inc. Trims Stock Position in O-I Glass, Inc. $OI

Meridian Investment Counsel Inc. lowered its holdings in shares of O-I Glass, Inc. (NYSE:OI) by 19.6% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,875 shares of the industrial products company’s stock after selling 12,900 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in O-I Glass were worth $779,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in O-I Glass by 30.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 365,630 shares of the industrial products company’s stock worth $3,963,000 after acquiring an additional 84,380 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in O-I Glass in the 4th quarter worth approximately $2,573,000. GAMMA Investing LLC increased its holdings in O-I Glass by 1,956.0% in the 1st quarter. GAMMA Investing LLC now owns 29,627 shares of the industrial products company’s stock worth $340,000 after acquiring an additional 28,186 shares in the last quarter. SG Americas Securities LLC increased its holdings in O-I Glass by 117.7% in the 1st quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company’s stock worth $525,000 after acquiring an additional 24,743 shares in the last quarter. Finally, Thompson Investment Management Inc. increased its holdings in O-I Glass by 1.8% in the 1st quarter. Thompson Investment Management Inc. now owns 744,849 shares of the industrial products company’s stock worth $8,543,000 after acquiring an additional 13,011 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

Wall Street Analysts Forecast Growth

OI has been the subject of several analyst reports. BNP Paribas Exane initiated coverage on shares of O-I Glass in a report on Wednesday, June 25th. They issued an “outperform” rating and a $18.00 target price for the company. Truist Financial set a $21.00 target price on shares of O-I Glass and gave the stock a “buy” rating in a report on Friday, July 11th. Wall Street Zen raised shares of O-I Glass from a “hold” rating to a “buy” rating in a report on Sunday, June 29th. Bank of America reaffirmed a “neutral” rating and set a $17.00 price objective (up from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. Finally, Citigroup increased their price objective on shares of O-I Glass from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, O-I Glass presently has an average rating of “Moderate Buy” and an average target price of $17.00.

Insider Buying and Selling at O-I Glass

In related news, CEO Gordon Hardie bought 8,000 shares of the business’s stock in a transaction on Tuesday, August 5th. The shares were bought at an average price of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the purchase, the chief executive officer directly owned 515,817 shares of the company’s stock, valued at approximately $6,757,202.70. This trade represents a 1.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Darrow A. Abrahams bought 3,828 shares of the firm’s stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average cost of $13.05 per share, with a total value of $49,955.40. Following the acquisition, the senior vice president directly owned 184,447 shares of the company’s stock, valued at approximately $2,407,033.35. This trade represents a 2.12% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.93% of the company’s stock.

O-I Glass Stock Up 2.4%

Shares of OI opened at $13.14 on Friday. The company has a market cap of $2.02 billion, a PE ratio of -7.96, a P/E/G ratio of 0.25 and a beta of 0.93. The business has a fifty day moving average of $13.24 and a 200 day moving average of $13.05. O-I Glass, Inc. has a 52-week low of $9.23 and a 52-week high of $16.04. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.12. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%.The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the firm posted $0.44 earnings per share. The business’s revenue was down 1.3% compared to the same quarter last year. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. On average, sell-side analysts expect that O-I Glass, Inc. will post 1.33 EPS for the current year.

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.