Principal Financial Group Inc. Raises Position in O-I Glass, Inc. (NYSE:OI)

Principal Financial Group Inc. lifted its stake in O-I Glass, Inc. (NYSE:OI - Free Report) by 2.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 767,260 shares of the industrial products company's stock after buying an additional 17,254 shares during the period. Principal Financial Group Inc. owned about 0.50% of O-I Glass worth $8,800,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of O-I Glass by 79.3% in the 1st quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 1,142 shares during the period. Sterling Capital Management LLC raised its position in O-I Glass by 807.2% during the fourth quarter. Sterling Capital Management LLC now owns 4,881 shares of the industrial products company's stock valued at $53,000 after purchasing an additional 4,343 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in O-I Glass during the fourth quarter valued at approximately $86,000. Point72 Asset Management L.P. acquired a new position in shares of O-I Glass during the fourth quarter worth $89,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of O-I Glass in the fourth quarter worth $106,000. 97.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OI has been the subject of several analyst reports. UBS Group reiterated a "buy" rating and issued a $19.00 price objective (up previously from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. BNP Paribas set a $18.00 price target on shares of O-I Glass in a research note on Wednesday, June 25th. Truist Financial set a $21.00 price objective on shares of O-I Glass and gave the stock a "buy" rating in a report on Friday. Royal Bank Of Canada reissued an "outperform" rating and issued a $16.00 price target on shares of O-I Glass in a report on Monday, March 17th. Finally, BNP Paribas Exane started coverage on shares of O-I Glass in a report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price target for the company. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $17.30.

O-I Glass Stock Down 5.1%

NYSE:OI traded down $0.78 during midday trading on Tuesday, reaching $14.44. 1,738,487 shares of the stock traded hands, compared to its average volume of 1,524,900. O-I Glass, Inc. has a 12-month low of $9.23 and a 12-month high of $16.04. The business has a 50-day moving average of $13.99 and a two-hundred day moving average of $12.22. The company has a debt-to-equity ratio of 3.83, a quick ratio of 0.73 and a current ratio of 1.24. The stock has a market capitalization of $2.23 billion, a PE ratio of -11.46, a price-to-earnings-growth ratio of 0.31 and a beta of 0.97.

O-I Glass (NYSE:OI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.22. The business had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.55 billion. O-I Glass had a negative net margin of 2.98% and a positive return on equity of 8.48%. The business's quarterly revenue was up .4% on a year-over-year basis. During the same quarter last year, the company posted $0.45 earnings per share. On average, equities analysts forecast that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

O-I Glass 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.