Bank of New York Mellon Corp Lowers Position in O-I Glass, Inc. $OI

Bank of New York Mellon Corp lessened its stake in O-I Glass, Inc. (NYSE:OI) by 1.6% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,003,659 shares of the industrial products company’s stock after selling 15,906 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.65% of O-I Glass worth $14,794,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in O-I Glass in the 1st quarter valued at $30,000. GAMMA Investing LLC grew its stake in shares of O-I Glass by 31.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock worth $50,000 after acquiring an additional 820 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of O-I Glass in the first quarter valued at about $85,000. CWM LLC lifted its position in shares of O-I Glass by 623.9% during the first quarter. CWM LLC now owns 8,390 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 7,231 shares in the last quarter. Finally, AlphaQuest LLC boosted its holdings in O-I Glass by 1,392.5% during the second quarter. AlphaQuest LLC now owns 7,716 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 7,199 shares during the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Stock Performance

Shares of OI opened at $12.81 on Tuesday. O-I Glass, Inc. has a 1 year low of $9.23 and a 1 year high of $16.04. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77. The stock’s fifty day moving average price is $12.55 and its two-hundred day moving average price is $13.34. The firm has a market cap of $1.97 billion, a PE ratio of -7.76, a PEG ratio of 0.22 and a beta of 0.89.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share for the quarter. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%.The company had revenue of $1.59 billion during the quarter. On average, equities research analysts forecast that O-I Glass, Inc. will post 1.33 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on OI shares. Wells Fargo & Company increased their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Wall Street Zen raised O-I Glass from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a report on Wednesday, October 8th. Truist Financial decreased their target price on O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Finally, Zacks Research cut O-I Glass from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, O-I Glass has a consensus rating of “Moderate Buy” and an average price target of $16.67.

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.