Meridian Investment Counsel Inc. Decreases Holdings in O-I Glass, Inc. (NYSE:OI)

Meridian Investment Counsel Inc. reduced its position in O-I Glass, Inc. (NYSE:OI) by 13.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,117 shares of the industrial products company’s stock after selling 19,666 shares during the period. Meridian Investment Counsel Inc. owned about 0.09% of O-I Glass worth $1,733,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Harbor Capital Advisors Inc. acquired a new stake in O-I Glass in the third quarter valued at $27,000. Newbridge Financial Services Group Inc. grew its stake in O-I Glass by 1,337.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 2,675 shares during the last quarter. GAMMA Investing LLC increased its holdings in O-I Glass by 371.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 1,892 shares in the last quarter. Headlands Technologies LLC acquired a new position in O-I Glass during the first quarter worth about $39,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of O-I Glass by 28.4% in the third quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 1,136 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on OI. Truist Financial restated a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Citigroup boosted their price target on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Barclays reduced their price objective on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Robert W. Baird dropped their price objective on O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Finally, Royal Bank of Canada reduced their target price on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.25.

O-I Glass Stock Down 1.3 %

OI opened at $12.97 on Friday. O-I Glass, Inc. has a 12 month low of $10.08 and a 12 month high of $17.58. The business has a 50-day moving average of $12.68 and a two-hundred day moving average of $12.27. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. The stock has a market capitalization of $2.01 billion, a price-to-earnings ratio of -4.70 and a beta of 1.20.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.76 billion. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. O-I Glass’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.80 earnings per share. On average, research analysts expect that O-I Glass, Inc. will post 0.75 earnings per share for the current year.

About O-I Glass

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.