Wellington Management Group LLP Grows Position in O-I Glass, Inc. $OI

Wellington Management Group LLP increased its stake in shares of O-I Glass, Inc. (NYSE:OI – Free Report) by 8.0% in the second quarter, Holdings Channel.com reports. The fund owned 2,131,797 shares of the industrial products company’s stock after purchasing an additional 157,472 shares during the period. Wellington Management Group LLP’s holdings in O-I Glass were worth $20,529,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Empowered Funds LLC bought a new stake in O-I Glass in the 2nd quarter valued at $5,554,000. Corient Private Wealth LP bought a new position in shares of O-I Glass during the 2nd quarter valued at about $254,000. Bank of America Corp DE bought a new position in shares of O-I Glass during the 2nd quarter valued at about $33,436,000. Freestone Grove Partners LP purchased a new position in shares of O-I Glass during the second quarter valued at about $536,000. Finally, Jupiter Topco LLC purchased a new position in shares of O-I Glass during the second quarter valued at about $685,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

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O-I Glass Stock Up 0.1%

Shares of NYSE OI opened at $7.15 on Monday. 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, Inc. has a 12-month low of $6.29 and a 12-month high of $16.91. The firm’s 50-day moving average price is $8.10 and its 200-day moving average price is $9.52. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -0.95, a P/E/G ratio of 2.54 and a beta of 0.66.

O-I Glass (NYSE:OI – Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.68 billion. During the same quarter in the prior year, the business posted $0.53 EPS. The company’s revenue was down 2.2% on a year-over-year basis. On average, equities research analysts anticipate that O-I Glass, Inc. will post 0.39 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on OI. Zacks Research upgraded O-I Glass from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Citigroup upgraded O-I Glass from a “neutral” rating to a “buy” rating and raised their price target for the company from $8.00 to $9.00 in a report on Friday, August 21st. Bank of America reaffirmed an “underperform” rating and issued a $11.00 price objective on shares of O-I Glass in a research note on Tuesday, July 14th. UBS Group decreased their price objective on O-I Glass from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Thursday, July 30th. Finally, Royal Bank Of Canada downgraded O-I Glass from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $10.00 to $8.00 in a research report on Thursday, August 13th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, O-I Glass presently has an average rating of “Hold” and a consensus price target of $10.31.

Read Our Latest Stock Analysis on OI

About O-I Glass

(Free Report)

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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