Rhumbline Advisers Sells 29,521 Shares of O-I Glass, Inc. $OI

Key Points

• Rhumbline Advisers reduced its holdings in O-I Glass, Inc. by 6.1% in the first quarter, now owning 456,211 shares valued at approximately $5.23 million.
• O-I Glass reported earnings of $0.53 per share, exceeding estimates of $0.41, while its revenue of $1.70 billion remained flat compared to the previous year.
• Several analysts have set price targets for O-I Glass, with Truist Financial forecasting a target of $21 and UBS Group raising their target from $17 to $19.

Rhumbline Advisers decreased its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 6.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 456,211 shares of the industrial products company's stock after selling 29,521 shares during the quarter. Rhumbline Advisers owned about 0.29% of O-I Glass worth $5,233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its stake in O-I Glass by 2.3% in the first quarter. Principal Financial Group Inc. now owns 767,260 shares of the industrial products company's stock worth $8,800,000 after buying an additional 17,254 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of O-I Glass by 117.7% during the first quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company's stock valued at $525,000 after purchasing an additional 24,743 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of O-I Glass by 11.0% during the first quarter. American Century Companies Inc. now owns 326,153 shares of the industrial products company's stock valued at $3,741,000 after purchasing an additional 32,339 shares during the last quarter. GAMMA Investing LLC increased its position in O-I Glass by 79.3% during the 1st quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock valued at $30,000 after buying an additional 1,142 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in O-I Glass by 7.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,992,887 shares of the industrial products company's stock valued at $22,858,000 after buying an additional 144,030 shares in the last quarter. Institutional investors own 97.24% of the company's stock.

O-I Glass Stock Performance

Shares of O-I Glass stock traded down $0.18 on Monday, hitting $12.75. 798,622 shares of the company's stock were exchanged, compared to its average volume of 1,349,062. The company has a 50-day simple moving average of $13.61 and a 200-day simple moving average of $12.97. O-I Glass, Inc. has a 1 year low of $9.23 and a 1 year high of $16.04. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.77 and a current ratio of 1.24. The stock has a market capitalization of $1.96 billion, a PE ratio of -7.72, a PEG ratio of 0.25 and a beta of 0.93.

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

Insider Activity at O-I Glass

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on OI shares. BNP Paribas set a $18.00 target price on O-I Glass in a research note on Wednesday, June 25th. 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 objective for the company. UBS Group reiterated a "buy" rating and set a $19.00 target price (up from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Bank of America reissued a "neutral" rating and issued a $17.00 target price (up previously from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. Finally, Truist Financial set a $21.00 target price on O-I Glass and gave the stock a "buy" rating in a research report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

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.