Federated Hermes Inc. Sells 64,420 Shares of O-I Glass, Inc. (NYSE:OI)

Key Points

• Federated Hermes Inc. reduced its stake in O-I Glass by 66.1%, now holding 33,091 shares valued at approximately $380,000.
• Institutional investors like JPMorgan Chase & Co. and Franklin Resources Inc. increased their positions in O-I Glass, indicating ongoing institutional interest in the company.
• Analysts have given O-I Glass an average rating of "Moderate Buy", with a consensus price target of $17.00 following recent upgrades from various firms.

Federated Hermes Inc. reduced its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 66.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,091 shares of the industrial products company's stock after selling 64,420 shares during the quarter. Federated Hermes Inc.'s holdings in O-I Glass were worth $380,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of OI. JPMorgan Chase & Co. grew its position in O-I Glass by 34.5% in the fourth quarter. JPMorgan Chase & Co. now owns 833,620 shares of the industrial products company's stock valued at $9,036,000 after purchasing an additional 213,977 shares in the last quarter. Franklin Resources Inc. raised its holdings in O-I Glass by 20.2% during the fourth quarter. Franklin Resources Inc. now owns 35,782 shares of the industrial products company's stock worth $388,000 after acquiring an additional 6,023 shares in the last quarter. Wells Fargo & Company MN boosted its position in O-I Glass by 21.5% during the fourth quarter. Wells Fargo & Company MN now owns 175,923 shares of the industrial products company's stock valued at $1,907,000 after purchasing an additional 31,158 shares during the last quarter. FMR LLC grew its stake in O-I Glass by 6.9% in the fourth quarter. FMR LLC now owns 10,054,398 shares of the industrial products company's stock valued at $108,990,000 after purchasing an additional 647,237 shares in the last quarter. Finally, Bank of Montreal Can increased its position in shares of O-I Glass by 17.9% during the 4th quarter. Bank of Montreal Can now owns 27,781 shares of the industrial products company's stock worth $301,000 after purchasing an additional 4,221 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OI. UBS Group reissued a "buy" rating and issued a $19.00 target price (up from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. BNP Paribas set a $18.00 target price on shares of O-I Glass in a research note on Wednesday, June 25th. Bank of America reaffirmed a "neutral" rating and issued a $17.00 price objective (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. BNP Paribas Exane started coverage on O-I Glass in a research report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price objective for the company. Finally, Barclays raised their price objective on O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

O-I Glass Stock Performance

NYSE:OI traded up $0.26 during mid-day trading on Tuesday, hitting $13.21. 843,049 shares of the stock were exchanged, compared to its average volume of 1,917,023. The stock has a market capitalization of $2.03 billion, a price-to-earnings ratio of -8.00, a price-to-earnings-growth ratio of 0.25 and a beta of 0.92. The firm's 50-day simple moving average is $14.24 and its 200 day simple moving average is $12.72. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.77 and a current ratio of 1.24. O-I Glass, Inc. has a fifty-two week low of $9.23 and a fifty-two week high of $16.04.

O-I Glass (NYSE:OI - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.53 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.12. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter last year, the company earned $0.44 EPS. The company's revenue was down 1.3% on a year-over-year basis. As a group, equities analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

Insider Buying and Selling at O-I Glass

In other news, CEO Gordon Hardie acquired 8,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average price of $13.10 per share, with a total value of $104,800.00. Following the acquisition, the chief executive officer directly owned 515,817 shares in the company, valued at $6,757,202.70. The trade was a 1.58% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Darrow A. Abrahams acquired 3,828 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the acquisition, the senior vice president owned 184,447 shares in the company, valued at $2,407,033.35. This represents a 2.12% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.49% of the company's stock.

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.