Short Interest in O-I Glass, Inc. (NYSE:OI) Drops By 19.3%

O-I Glass, Inc. (NYSE:OI) was the target of a significant decline in short interest in the month of August. As of August 31st, there was short interest totalling 4,610,000 shares, a decline of 19.3% from the August 15th total of 5,710,000 shares. Currently, 3.0% of the company’s shares are short sold. Based on an average daily trading volume, of 1,840,000 shares, the short-interest ratio is currently 2.5 days.

Analyst Ratings Changes

OI has been the topic of several research reports. Royal Bank of Canada dropped their price objective on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird lowered their target price on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Citigroup reduced their price target on shares of O-I Glass from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, July 8th. Finally, UBS Group decreased their price target on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Stock Performance

Shares of NYSE:OI traded up $0.02 during midday trading on Tuesday, reaching $12.94. The company had a trading volume of 556,965 shares, compared to its average volume of 1,732,683. O-I Glass has a 52-week low of $10.08 and a 52-week high of $18.50. The company’s 50 day moving average price is $11.93 and its 200 day moving average price is $13.18. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85. The stock has a market cap of $2.01 billion, a P/E ratio of -8.13, a P/E/G ratio of 1.72 and a beta of 1.17.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the firm earned $0.88 EPS. The company’s revenue was down 8.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that O-I Glass will post 1.13 EPS for the current fiscal year.

Insider Activity at O-I Glass

In other O-I Glass news, Director John Humphrey bought 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the transaction, the director now directly owns 84,227 shares in the company, valued at $951,765.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.49% of the stock is owned by company insiders.

Institutional Trading of O-I Glass

A number of large investors have recently bought and sold shares of the company. Thompson Investment Management Inc. raised its position in shares of O-I Glass by 84.2% in the first quarter. Thompson Investment Management Inc. now owns 393,883 shares of the industrial products company’s stock valued at $6,535,000 after purchasing an additional 180,093 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of O-I Glass during the first quarter worth $1,021,000. Duality Advisers LP purchased a new position in shares of O-I Glass in the first quarter valued at $1,554,000. Norges Bank purchased a new position in shares of O-I Glass in the fourth quarter valued at $27,562,000. Finally, Goldman Sachs Group Inc. lifted its holdings in O-I Glass by 8.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,474,863 shares of the industrial products company’s stock worth $24,158,000 after purchasing an additional 115,728 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.