State Street Corp Raises Stake in O-I Glass, Inc. (NYSE:OI)

State Street Corp grew its holdings in O-I Glass, Inc. (NYSE:OI) by 0.1% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 6,055,272 shares of the industrial products company’s stock after buying an additional 3,744 shares during the period. State Street Corp’s holdings in O-I Glass were worth $79,445,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Highland Peak Capital LLC purchased a new position in O-I Glass in the 3rd quarter valued at $27,132,000. Maverick Capital Ltd. purchased a new stake in shares of O-I Glass in the third quarter valued at about $1,264,000. Segall Bryant & Hamill LLC acquired a new position in shares of O-I Glass during the third quarter worth about $32,350,000. Allspring Global Investments Holdings LLC raised its holdings in O-I Glass by 33.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 172,565 shares of the industrial products company’s stock worth $2,264,000 after purchasing an additional 43,724 shares in the last quarter. Finally, Private Management Group Inc. lifted its position in O-I Glass by 21.3% in the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock valued at $27,884,000 after purchasing an additional 439,838 shares during the period. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Price Performance

O-I Glass stock opened at $10.69 on Wednesday. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The firm’s 50-day simple moving average is $12.44 and its 200 day simple moving average is $12.12. O-I Glass, Inc. has a 52 week low of $10.08 and a 52 week high of $17.58. The firm has a market capitalization of $1.65 billion, a PE ratio of -3.87 and a beta of 1.20.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The business had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the company earned $0.80 EPS. The firm’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, equities research analysts predict that O-I Glass, Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on OI shares. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.00 to $16.00 in a report on Thursday, October 17th. Barclays reduced their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada cut their price target on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, Citigroup raised their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $16.25.

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.