O-I Glass, Inc. $OI Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in O-I Glass, Inc. by 35% in the first quarter, now holding 61,226 shares worth approximately $702,000.
• O-I Glass's stock is currently trading at $12.76 and has a market capitalization of $1.97 billion, despite facing a negative net margin of 3.95%.
• Analysts have set a consensus price target of $17.00 for O-I Glass, with varying ratings from "Strong Buy" to "Hold."

Comerica Bank trimmed its position in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 35.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,226 shares of the industrial products company's stock after selling 32,910 shares during the quarter. Comerica Bank's holdings in O-I Glass were worth $702,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. increased its stake in shares of O-I Glass by 1.5% during the first quarter. Russell Investments Group Ltd. now owns 70,572 shares of the industrial products company's stock worth $809,000 after acquiring an additional 1,074 shares during the period. GAMMA Investing LLC increased its stake in shares of O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock worth $30,000 after acquiring an additional 1,142 shares during the period. SummerHaven Investment Management LLC increased its stake in shares of O-I Glass by 1.6% during the first quarter. SummerHaven Investment Management LLC now owns 75,226 shares of the industrial products company's stock worth $863,000 after acquiring an additional 1,204 shares during the period. Baird Financial Group Inc. increased its stake in shares of O-I Glass by 9.6% during the fourth quarter. Baird Financial Group Inc. now owns 16,152 shares of the industrial products company's stock worth $175,000 after acquiring an additional 1,410 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of O-I Glass by 4.2% during the first quarter. PNC Financial Services Group Inc. now owns 52,337 shares of the industrial products company's stock worth $600,000 after acquiring an additional 2,104 shares during the period. 97.24% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OI. Citigroup boosted their price target on shares of O-I Glass from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Thursday, July 3rd. Truist Financial set a $21.00 price target on shares of O-I Glass and gave the stock a "buy" rating in a research note on Friday, July 11th. BNP Paribas set a $18.00 price target on shares of O-I Glass in a research note on Wednesday, June 25th. UBS Group restated a "buy" rating and set a $19.00 target price (up from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Finally, Bank of America restated a "neutral" rating and set a $17.00 target price (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $17.00.

Insider Activity at O-I Glass

In other O-I Glass news, CEO Gordon Hardie purchased 8,000 shares of the stock in a transaction dated Tuesday, August 5th. The shares were acquired at an average cost of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the transaction, the chief executive officer directly owned 515,817 shares of the company's stock, valued at $6,757,202.70. This trade represents a 1.58% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Darrow A. Abrahams purchased 3,828 shares of the stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average price of $13.05 per share, for a total transaction of $49,955.40. Following the completion of the transaction, the senior vice president directly owned 184,447 shares of the company's stock, valued at approximately $2,407,033.35. The trade was a 2.12% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.93% of the stock is owned by corporate insiders.

O-I Glass Price Performance

Shares of OI stock traded down $0.30 during trading hours on Friday, hitting $12.93. The company's stock had a trading volume of 843,036 shares, compared to its average volume of 1,378,279. The business has a fifty day moving average of $13.67 and a 200-day moving average of $12.94. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -7.83, a P/E/G ratio of 0.26 and a beta of 0.93. O-I Glass, Inc. has a twelve month low of $9.23 and a twelve month high of $16.04. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.41 by $0.12. The business had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.70 billion. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The company's quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.44 earnings per share. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. As a group, equities research analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current year.

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.