BlackRock Inc. Purchases New Shares in O-I Glass, Inc. $OI

Key Points

• BlackRock acquired 23.44 million shares of O-I Glass during the second quarter, worth approximately $225.7 million, giving it a 15.25% stake. Institutional investors collectively own 97.24% of the company.
• Analyst sentiment remains mixed, with O-I Glass carrying an average rating of “Hold” and an average price target of $10.31. Citigroup upgraded the stock to “Buy,” while RBC downgraded it to “Sector Perform.”
• O-I Glass opened at $7.20 and has declined sharply from its 52-week high of $16.91. Its latest quarterly results missed expectations, with earnings of $0.09 per share versus the $0.24 consensus estimate and revenue down 2.2% year over year.

BlackRock Inc. bought a new position in O-I Glass, Inc. (NYSE:OI - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 23,439,932 shares of the industrial products company's stock, valued at approximately $225,727,000. BlackRock Inc. owned 15.25% of O-I Glass at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of OI. PNC Financial Services Group Inc. grew its stake in shares of O-I Glass by 1.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 37,828 shares of the industrial products company's stock worth $558,000 after buying an additional 701 shares during the last quarter. Barclays PLC boosted its holdings in O-I Glass by 0.3% in the fourth quarter. Barclays PLC now owns 246,766 shares of the industrial products company's stock worth $3,642,000 after acquiring an additional 755 shares in the last quarter. Farther Finance Advisors LLC grew its stake in shares of O-I Glass by 87.6% in the fourth quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company's stock worth $26,000 after acquiring an additional 830 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of O-I Glass by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 29,887 shares of the industrial products company's stock worth $441,000 after acquiring an additional 911 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in shares of O-I Glass by 64.1% during the second quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company's stock valued at $35,000 after acquiring an additional 918 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently commented on OI. Citigroup raised shares of O-I Glass from a "neutral" rating to a "buy" rating and increased their price objective for the company from $8.00 to $9.00 in a research report on Friday, August 21st. Truist Financial dropped their target price on shares of O-I Glass from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, July 30th. Zacks Research upgraded shares of O-I Glass from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Royal Bank Of Canada cut shares of O-I Glass from an "outperform" rating to a "sector perform" rating and cut their price target for the company from $10.00 to $8.00 in a report on Thursday, August 13th. Finally, UBS Group reduced their price target on shares of 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. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $10.31.

O-I Glass Stock Performance

NYSE:OI opened at $7.20 on Friday. The stock has a 50-day simple moving average of $8.36 and a two-hundred day simple moving average of $9.87. O-I Glass, Inc. has a 52-week low of $6.29 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. The firm has a market capitalization of $1.11 billion, a PE ratio of -0.96, a P/E/G ratio of 2.41 and a beta of 0.66.

O-I Glass (NYSE:OI - Get Free Report) last released its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing analysts' consensus estimates 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 the consensus estimate of $1.68 billion. During the same quarter in the previous year, the business posted $0.53 EPS. O-I Glass's revenue was down 2.2% on a year-over-year basis. Analysts forecast that O-I Glass, Inc. will post 0.42 EPS for the current year.

O-I Glass 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.