Meridian Investment Counsel Inc. Sells 53,067 Shares of O-I Glass, Inc. (NYSE:OI)

Meridian Investment Counsel Inc. cut its holdings in O-I Glass, Inc. (NYSE:OI) by 40.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 79,050 shares of the industrial products company’s stock after selling 53,067 shares during the period. Meridian Investment Counsel Inc. owned 0.05% of O-I Glass worth $857,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OI. Franklin Resources Inc. grew its holdings in O-I Glass by 20.2% during the fourth quarter. Franklin Resources Inc. now owns 35,782 shares of the industrial products company’s stock valued at $388,000 after purchasing an additional 6,023 shares during the period. Edmond DE Rothschild Holding S.A. increased its holdings in O-I Glass by 6.7% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,520,015 shares of the industrial products company’s stock worth $16,477,000 after acquiring an additional 95,000 shares in the last quarter. IPG Investment Advisors LLC lifted its holdings in O-I Glass by 33.5% during the fourth quarter. IPG Investment Advisors LLC now owns 1,840,668 shares of the industrial products company’s stock valued at $19,953,000 after purchasing an additional 462,040 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in O-I Glass by 253.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 197,220 shares of the industrial products company’s stock valued at $2,138,000 after purchasing an additional 141,474 shares in the last quarter. Finally, New Age Alpha Advisors LLC purchased a new stake in shares of O-I Glass in the fourth quarter worth $86,000. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Price Performance

OI stock opened at $11.54 on Monday. O-I Glass, Inc. has a 52 week low of $9.85 and a 52 week high of $17.58. The firm has a market capitalization of $1.78 billion, a P/E ratio of -16.25, a price-to-earnings-growth ratio of 0.24 and a beta of 1.20. The company has a fifty day simple moving average of $11.55 and a two-hundred day simple moving average of $11.85. The company has a quick ratio of 0.70, a current ratio of 1.15 and a debt-to-equity ratio of 3.78.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, February 4th. The industrial products company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.02. O-I Glass had a positive return on equity of 8.27% and a negative net margin of 1.62%. Analysts anticipate that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

OI has been the topic of several research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $16.00 price objective on shares of O-I Glass in a research report on Monday, March 17th. Bank of America boosted their price target on O-I Glass from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Wells Fargo & Company reduced their price objective on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a research report on Monday, January 6th. Finally, Citigroup dropped their target price on shares of O-I Glass from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, January 6th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, O-I Glass presently has an average rating of “Moderate Buy” and an average target price of $15.38.

O-I Glass Company 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.