Bank of New York Mellon Corp Takes Position in O-I Glass, Inc. $OI

Key Points

• Bank of New York Mellon acquired 1.04 million O-I Glass shares in the second quarter, valued at approximately $10 million, giving it a 0.68% stake. Institutional investors and hedge funds collectively own 97.24% of the company.
• O-I Glass reported quarterly EPS of $0.09, missing the $0.24 consensus estimate, while revenue of $1.67 billion was slightly below expectations and fell 2.2% year over year. The company posted a negative net margin of 18.13%.
• The stock opened at $7.08, well below its 52-week high of $16.91. Analysts have an average “Hold” rating and a $10.31 price target, despite several firms maintaining Buy or Overweight ratings.

Bank of New York Mellon Corp bought a new position in shares of O-I Glass, Inc. (NYSE:OI - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,043,216 shares of the industrial products company's stock, valued at approximately $10,046,000. Bank of New York Mellon Corp owned 0.68% of O-I Glass at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Alliancebernstein L.P. lifted its stake in shares of O-I Glass by 194.6% in the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company's stock valued at $117,033,000 after buying an additional 5,244,440 shares during the period. Cooper Creek Partners Management LLC increased its stake in O-I Glass by 73.8% during the first quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company's stock valued at $73,636,000 after acquiring an additional 2,975,181 shares during the period. Wellington Management Group LLP bought a new position in O-I Glass during the fourth quarter valued at about $40,090,000. Arrowstreet Capital Limited Partnership raised its holdings in O-I Glass by 288.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,215,632 shares of the industrial products company's stock valued at $47,463,000 after acquiring an additional 2,388,299 shares in the last quarter. Finally, Brandywine Global Investment Management LLC acquired a new position in O-I Glass in the 4th quarter valued at approximately $25,064,000. 97.24% of the stock is currently owned by institutional investors and hedge funds.

O-I Glass Stock Performance

Shares of NYSE:OI opened at $7.08 on Thursday. The company has a debt-to-equity ratio of 8.89, a current ratio of 1.26 and a quick ratio of 0.77. The business's fifty day moving average price is $8.20 and its two-hundred day moving average price is $9.62. O-I Glass, Inc. has a fifty-two week low of $6.29 and a fifty-two week high of $16.91. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -0.94, a price-to-earnings-growth ratio of 2.49 and a beta of 0.66.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.24 by ($0.15). The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The firm's revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.53 earnings per share. As a group, analysts predict that O-I Glass, Inc. will post 0.39 EPS for the current fiscal year.

Analyst Ratings Changes

OI has been the topic of several recent research reports. Zacks Research raised O-I Glass from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Wells Fargo & Company cut their target price on O-I Glass from $13.00 to $12.00 and set an "overweight" rating for the company in a research note on Wednesday, July 15th. Truist Financial reduced their target price on O-I Glass from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Robert W. Baird set a $13.00 price target on shares of O-I Glass in a research note on Thursday, July 30th. Finally, Bank of America reissued an "underperform" rating and issued a $11.00 price target on shares of O-I Glass in a report on Tuesday, July 14th. Four equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, O-I Glass has an average 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.

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