JPMorgan Chase & Co. Decreases Stake in O-I Glass, Inc. $OI

JPMorgan Chase & Co. cut its position in O-I Glass, Inc. (NYSE:OI) by 6.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,072,321 shares of the industrial products company’s stock after selling 73,659 shares during the period. JPMorgan Chase & Co. owned 0.70% of O-I Glass worth $13,908,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of O-I Glass by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock worth $250,959,000 after purchasing an additional 691,989 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in O-I Glass by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 8,232,239 shares of the industrial products company’s stock valued at $106,773,000 after buying an additional 170,696 shares during the last quarter. Alliancebernstein L.P. raised its stake in O-I Glass by 0.7% in the third quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock valued at $103,718,000 after buying an additional 56,945 shares in the last quarter. Highland Peak Capital LLC raised its stake in O-I Glass by 22.2% in the third quarter. Highland Peak Capital LLC now owns 3,113,780 shares of the industrial products company’s stock valued at $40,386,000 after buying an additional 566,703 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in O-I Glass by 18.7% during the 3rd quarter. Bank of America Corp DE now owns 2,618,748 shares of the industrial products company’s stock worth $33,965,000 after buying an additional 412,497 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

O-I Glass Stock Down 2.5%

OI opened at $10.26 on Friday. O-I Glass, Inc. has a one year low of $9.23 and a one year high of $16.91. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.77 and a current ratio of 1.25. The stock has a market capitalization of $1.56 billion, a P/E ratio of -12.21, a price-to-earnings-growth ratio of 0.69 and a beta of 0.82. The business’s 50-day simple moving average is $13.56 and its 200-day simple moving average is $13.51.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analysts’ expectations of $1.52 billion. O-I Glass had a positive return on equity of 18.07% and a negative net margin of 2.01%.The business’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. Analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently issued reports on OI shares. Wells Fargo & Company cut O-I Glass from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $18.00 to $13.00 in a research report on Friday, March 20th. Zacks Research cut O-I Glass from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 3rd. UBS Group reaffirmed a “buy” rating and issued a $21.00 price target on shares of O-I Glass in a report on Thursday, February 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. Finally, Truist Financial raised their price objective on shares of O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.56.

O-I Glass 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.