Allspring Global Investments Holdings LLC Acquires 43,724 Shares of O-I Glass, Inc. (NYSE:OI)

Allspring Global Investments Holdings LLC grew its stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 33.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 172,565 shares of the industrial products company's stock after purchasing an additional 43,724 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.11% of O-I Glass worth $2,264,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in OI. Diversified Trust Co boosted its position in shares of O-I Glass by 2.0% during the third quarter. Diversified Trust Co now owns 49,596 shares of the industrial products company's stock worth $651,000 after buying an additional 965 shares during the period. Mackenzie Financial Corp lifted its position in O-I Glass by 6.1% in the second quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company's stock worth $224,000 after purchasing an additional 1,162 shares during the period. Bessemer Group Inc. lifted its position in O-I Glass by 40.2% in the first 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 during the period. Texas Permanent School Fund Corp lifted its position in O-I Glass by 1.1% in the first quarter. Texas Permanent School Fund Corp now owns 135,154 shares of the industrial products company's stock worth $2,242,000 after purchasing an additional 1,465 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in O-I Glass by 8.7% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 21,281 shares of the industrial products company's stock worth $357,000 after purchasing an additional 1,695 shares during the period. 97.24% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OI has been the subject of a number of recent research reports. UBS Group cut their price objective 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. StockNews.com upgraded O-I Glass from a "sell" rating to a "hold" rating in a research report on Thursday, August 1st. Royal Bank of Canada cut their price objective on O-I Glass from $20.00 to $18.00 and set an "outperform" rating for the company in a research report on Monday, August 5th. Truist Financial reiterated a "buy" rating and set a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Finally, Citigroup increased their price objective on O-I Glass from $14.00 to $15.00 and gave the company a "neutral" rating in a research report on Wednesday, October 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.63.

Insider Buying and Selling

In other O-I Glass news, Director John Humphrey acquired 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the acquisition, the director now owns 84,227 shares of the company's stock, valued at approximately $951,765.10. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.49% of the stock is currently owned by corporate insiders.

O-I Glass Stock Down 7.2 %

Shares of NYSE OI traded down $0.89 during mid-day trading on Wednesday, reaching $11.55. The company had a trading volume of 3,589,017 shares, compared to its average volume of 1,690,262. O-I Glass, Inc. has a twelve month low of $10.08 and a twelve month high of $17.58. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26. The stock has a market capitalization of $1.80 billion, a PE ratio of -7.35 and a beta of 1.17. The stock's 50 day moving average is $12.73 and its 200-day moving average is $12.48.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.07). The business had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The company's revenue for the quarter was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.80 earnings per share. As a group, equities analysts anticipate that O-I Glass, Inc. will post 1.11 earnings per share for the current fiscal year.

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.