Royal Bank of Canada Trims Stock Holdings in O-I Glass, Inc. $OI

Royal Bank of Canada lowered its holdings in shares of O-I Glass, Inc. (NYSE:OI) by 47.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 81,267 shares of the industrial products company’s stock after selling 74,217 shares during the period. Royal Bank of Canada owned 0.05% of O-I Glass worth $854,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in OI. AQR Capital Management LLC lifted its holdings in shares of O-I Glass by 154.0% during the first quarter. AQR Capital Management LLC now owns 177,117 shares of the industrial products company’s stock worth $1,993,000 after purchasing an additional 107,388 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in O-I Glass by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,151 shares of the industrial products company’s stock valued at $1,057,000 after purchasing an additional 4,055 shares during the period. United Services Automobile Association acquired a new stake in O-I Glass in the first quarter valued at about $119,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in O-I Glass by 43.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 526,279 shares of the industrial products company’s stock valued at $6,036,000 after purchasing an additional 160,649 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in O-I Glass by 113.1% in the 2nd quarter. First Trust Advisors LP now owns 119,379 shares of the industrial products company’s stock valued at $1,760,000 after purchasing an additional 63,367 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

O-I Glass Stock Up 11.9%

OI stock opened at $7.14 on Friday. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 8.89. The company’s 50-day moving average price is $8.50 and its 200 day moving average price is $10.16. O-I Glass, Inc. has a 52 week low of $6.29 and a 52 week high of $16.91. The company has a market cap of $1.10 billion, a P/E ratio of -0.95, a P/E/G ratio of 2.33 and a beta of 0.66.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.15). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same period last year, the firm earned $0.53 EPS. The company’s quarterly revenue was down 2.2% compared to the same quarter last year. On average, research analysts expect that O-I Glass, Inc. will post 0.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Robert W. Baird set a $13.00 target price on O-I Glass in a research report on Thursday, July 30th. BNP Paribas Exane cut O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price target for the company. in a report on Thursday, July 30th. Bank of America restated an “underperform” rating and issued a $11.00 price target on shares of O-I Glass in a research note on Tuesday, July 14th. Weiss Ratings raised O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 14th. Finally, UBS Group cut their price objective on O-I Glass from $15.00 to $11.00 and set a “buy” rating for the company in a research report on Thursday, July 30th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $10.31.

O-I Glass Company 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.