Royal Bank of Canada trimmed its stake in O-I Glass, Inc. (NYSE:OI – Free Report) by 47.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 81,267 shares of the industrial products company’s stock after selling 74,217 shares during the quarter. Royal Bank of Canada’s holdings in O-I Glass were worth $854,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Empowered Funds LLC boosted its stake in shares of O-I Glass by 3.9% during the first quarter. Empowered Funds LLC now owns 726,791 shares of the industrial products company’s stock valued at $7,639,000 after acquiring an additional 27,468 shares during the last quarter. Cooper Creek Partners Management LLC raised its stake in O-I Glass by 73.8% in the 1st quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company’s stock valued at $73,636,000 after purchasing an additional 2,975,181 shares during the last quarter. Entropy Technologies LP raised its stake in O-I Glass by 7.2% in the 1st quarter. Entropy Technologies LP now owns 49,281 shares of the industrial products company’s stock valued at $518,000 after purchasing an additional 3,315 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in O-I Glass by 32.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,246,337 shares of the industrial products company’s stock valued at $44,629,000 after purchasing an additional 1,030,705 shares during the last quarter. Finally, Cetera Investment Advisers lifted its holdings in O-I Glass by 15.6% in the 1st quarter. Cetera Investment Advisers now owns 44,720 shares of the industrial products company’s stock valued at $470,000 after purchasing an additional 6,027 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
OI has been the topic of several analyst reports. BNP Paribas Exane cut shares of O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price target on the stock. in a research note on Thursday, July 30th. UBS Group cut their price objective on shares of O-I Glass from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Citigroup raised shares of O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the company from $8.00 to $9.00 in a research note on Friday. Truist Financial decreased their target price on shares of O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Finally, Bank of America reaffirmed an “underperform” rating and issued a $11.00 target price on shares of O-I Glass in a research note on Tuesday, July 14th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, O-I Glass currently has an average rating of “Hold” and an average price target of $10.31.
O-I Glass Stock Performance
NYSE OI opened at $7.14 on Friday. The business’s 50-day moving average price is $8.50 and its 200 day moving average price is $10.16. O-I Glass, Inc. has a twelve month low of $6.29 and a twelve month high of $16.91. The company has a market capitalization of $1.10 billion, a PE ratio of -0.95, a price-to-earnings-growth ratio of 2.33 and a beta of 0.66. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 8.89.
O-I Glass (NYSE:OI – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.15). The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.68 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.53 earnings per share. On average, research analysts predict that O-I Glass, Inc. will post 0.42 earnings per share for the current year.
O-I Glass Company Profile
O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.
Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.
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