Bank of New York Mellon Corp Cuts Stake in O-I Glass, Inc. (NYSE:OI)

Bank of New York Mellon Corp lowered its stake in O-I Glass, Inc. (NYSE:OI - Free Report) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,551,433 shares of the industrial products company's stock after selling 52,350 shares during the period. Bank of New York Mellon Corp owned approximately 1.00% of O-I Glass worth $17,267,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Fidelis Capital Partners LLC bought a new stake in shares of O-I Glass in the 1st quarter worth approximately $33,000. TFO Wealth Partners LLC boosted its position in shares of O-I Glass by 24,311.1% in the 4th quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company's stock worth $36,000 after purchasing an additional 2,188 shares in the last quarter. FinTrust Capital Advisors LLC bought a new stake in shares of O-I Glass in the 1st quarter worth approximately $38,000. Headlands Technologies LLC bought a new stake in shares of O-I Glass in the 1st quarter worth approximately $39,000. Finally, Bessemer Group Inc. boosted its position in shares of O-I Glass by 40.2% in the 1st quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company's stock worth $76,000 after purchasing an additional 1,318 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company's stock.

Insider Buying and Selling

In other O-I Glass news, Director John Humphrey bought 15,000 shares of O-I Glass stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $11.30 per share, with a total value of $169,500.00. Following the completion of the acquisition, the director now directly owns 84,227 shares in the company, valued at approximately $951,765.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.49% of the stock is currently owned by corporate insiders.

O-I Glass Stock Up 1.1 %

Shares of NYSE OI traded up $0.13 during midday trading on Friday, reaching $12.47. 1,523,164 shares of the company's stock traded hands, compared to its average volume of 1,750,973. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85. The stock's 50 day simple moving average is $11.72 and its 200-day simple moving average is $13.40. O-I Glass, Inc. has a one year low of $10.08 and a one year high of $19.33. The company has a market cap of $1.94 billion, a price-to-earnings ratio of -7.84, a P/E/G ratio of 1.83 and a beta of 1.17.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.01. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.77 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The company's quarterly revenue was down 8.5% on a year-over-year basis. During the same period last year, the firm earned $0.88 earnings per share. On average, analysts predict that O-I Glass, Inc. will post 1.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have commented on OI shares. Citigroup cut their target price on O-I Glass from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Monday, July 8th. StockNews.com raised O-I Glass from a "sell" rating to a "hold" rating in a report on Thursday, August 1st. Truist Financial reissued a "buy" rating and set a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Royal Bank of Canada decreased their price target on shares of O-I Glass from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Monday, August 5th. Finally, UBS Group lowered their target price on O-I Glass from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Wednesday, July 17th. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $16.89.

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.