Meridian Investment Counsel Inc. Lowers Stock Position in O-I Glass, Inc. (NYSE:OI)

Meridian Investment Counsel Inc. reduced its stake in shares of O-I Glass, Inc. (NYSE:OI) by 10.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 151,783 shares of the industrial products company’s stock after selling 18,500 shares during the period. Meridian Investment Counsel Inc.’s holdings in O-I Glass were worth $1,689,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in OI. International Assets Investment Management LLC lifted its holdings in O-I Glass by 1,538.0% in the 4th quarter. International Assets Investment Management LLC now owns 4,095 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 3,845 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in O-I Glass by 3.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 69,946 shares of the industrial products company’s stock worth $1,146,000 after acquiring an additional 2,289 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in O-I Glass in the 4th quarter worth approximately $1,271,000. Everence Capital Management Inc. bought a new stake in O-I Glass in the 4th quarter worth approximately $240,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in O-I Glass by 193.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 87,798 shares of the industrial products company’s stock worth $1,438,000 after acquiring an additional 57,867 shares during the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Stock Up 0.1 %

Shares of OI stock traded up $0.01 during mid-day trading on Monday, hitting $12.26. The stock had a trading volume of 949,357 shares, compared to its average volume of 1,797,581. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75. The firm has a market capitalization of $1.90 billion, a P/E ratio of -7.72, a price-to-earnings-growth ratio of 1.67 and a beta of 1.24. O-I Glass, Inc. has a 12-month low of $10.08 and a 12-month high of $20.29. The firm’s 50-day moving average is $11.38 and its two-hundred day moving average is $13.74.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.77 billion. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The firm’s quarterly revenue was down 8.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 EPS. On average, analysts predict that O-I Glass, Inc. will post 1.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on OI. UBS Group reduced their price objective on O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Truist Financial reaffirmed a “buy” rating and issued a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Barclays cut their price objective on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Citigroup cut their price objective on O-I Glass from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, July 8th. Finally, Royal Bank of Canada cut their price objective on O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a research report on Monday, August 5th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.89.

Insider Buying and Selling

In other O-I Glass news, Director John Humphrey bought 15,000 shares of O-I Glass stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $11.30 per share, with a total value of $169,500.00. Following the transaction, the director now directly owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.49% of the stock is currently owned by company insiders.

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.