Meridian Investment Counsel Inc. Decreases Holdings in O-I Glass, Inc. (NYSE:OI)

Meridian Investment Counsel Inc. reduced its position in shares of O-I Glass, Inc. (NYSE:OI) by 13.0% during the third quarter, HoldingsChannel reports. The firm owned 132,117 shares of the industrial products company’s stock after selling 19,666 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in O-I Glass were worth $1,733,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Levin Capital Strategies L.P. increased its holdings in shares of O-I Glass by 66.0% in the 1st quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company’s stock valued at $46,586,000 after acquiring an additional 1,116,340 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of O-I Glass by 8.8% in the second quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after acquiring an additional 573,300 shares in the last quarter. Private Management Group Inc. raised its stake in shares of O-I Glass by 20.8% in the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after buying an additional 520,452 shares in the last quarter. Millennium Management LLC lifted its stake in O-I Glass by 27.5% during the second quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock valued at $21,875,000 after purchasing an additional 424,102 shares during the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of O-I Glass during the second quarter worth $2,551,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on OI shares. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $14.00 to $16.00 in a research note on Thursday, October 17th. Royal Bank of Canada decreased their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Truist Financial reaffirmed a “buy” rating and issued a $16.00 price target (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Finally, Citigroup raised their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.25.

O-I Glass Trading Down 1.3 %

Shares of O-I Glass stock opened at $12.97 on Friday. The stock has a market capitalization of $2.01 billion, a P/E ratio of -4.70 and a beta of 1.20. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass, Inc. has a 12-month low of $10.08 and a 12-month high of $17.58. The company has a 50-day simple moving average of $12.68 and a 200 day simple moving average of $12.27.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was down 3.7% compared to the same quarter last year. Research analysts expect that O-I Glass, Inc. will post 0.75 earnings per share for the current fiscal year.

O-I Glass 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.