Bank of America Corp DE Makes New Investment in O-I Glass, Inc. $OI

Key Points

• Bank of America acquired 3.47 million O-I Glass shares worth approximately $33.4 million, giving it a 2.26% stake. Institutional investors collectively own 97.24% of the company.
• Analyst sentiment is mixed, with four Buy, three Hold, and two Sell ratings. The consensus rating is Hold, with an average price target of $10.31.
• O-I Glass reported quarterly EPS of $0.09, missing the $0.24 consensus estimate, while revenue fell 2.2% year over year to $1.67 billion. The stock opened at $6.18, near its 52-week low of $6.04.

Bank of America Corp DE bought a new stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,472,046 shares of the industrial products company's stock, valued at approximately $33,436,000. Bank of America Corp DE owned approximately 2.26% of O-I Glass at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in OI. Freestone Grove Partners LP acquired a new stake in shares of O-I Glass during the second quarter worth approximately $536,000. Jupiter Topco LLC acquired a new position in O-I Glass in the 2nd quarter valued at approximately $685,000. Hsbc Holdings PLC acquired a new position in O-I Glass in the 2nd quarter valued at approximately $188,000. Canada Pension Plan Investment Board purchased a new stake in O-I Glass in the 2nd quarter worth approximately $136,000. Finally, Legal & General Group Plc purchased a new stake in O-I Glass in the 2nd quarter worth approximately $3,494,000. Institutional investors and hedge funds own 97.24% of the company's stock.

Analysts Set New Price Targets

OI has been the topic of several research analyst reports. Royal Bank Of Canada cut shares of O-I Glass from an "outperform" rating to a "sector perform" rating and lowered their price target for the company from $10.00 to $8.00 in a report on Thursday, August 13th. BNP Paribas Exane cut O-I Glass from an "outperform" rating to a "neutral" rating and set a $8.50 price objective for the company. in a research report on Thursday, July 30th. Citigroup raised O-I Glass from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $8.00 to $9.00 in a research report on Friday, August 21st. Bank of America reaffirmed an "underperform" rating and issued a $11.00 target price on shares of O-I Glass in a research report on Tuesday, July 14th. Finally, UBS Group cut their price target on O-I Glass from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $10.31.

O-I Glass Stock Performance

OI opened at $6.18 on Wednesday. The company has a market cap of $950.08 million, a PE ratio of -0.82, a price-to-earnings-growth ratio of 2.16 and a beta of 0.66. The stock has a 50-day moving average of $7.34 and a 200-day moving average of $8.88. O-I Glass, Inc. has a 52-week low of $6.04 and a 52-week high of $16.91. The company has a debt-to-equity ratio of 8.89, a quick ratio of 0.77 and a current ratio of 1.26.

O-I Glass (NYSE:OI - Get Free Report) last posted its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share 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 company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.68 billion. During the same quarter last year, the firm posted $0.53 earnings per share. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that O-I Glass, Inc. will post 0.39 earnings per share for the current fiscal year.

O-I Glass Company Profile

O-I Glass, Inc NYSE: OI is a global manufacturer of glass packaging. The company produces bottles and jars primarily for the food, beverage, beer, wine, spirits, and nonalcoholic beverage industries, as well as containers for certain pharmaceutical and other consumer products.

O-I Glass provides packaging solutions that include container design, lightweighting, glass decoration, and related technical services. Its products are made from glass, a material that can be recycled repeatedly without loss of quality, supporting the company's focus on recyclable and more sustainable packaging.

The company traces its history to the Owens Bottle Company, founded in 1903, and later became known as Owens-Illinois before adopting the O-I Glass name.

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