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

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

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OI shares. Truist Financial reissued a “buy” rating and issued a $16.00 price target (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Royal Bank of Canada cut their target price on 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. UBS Group reduced 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 report on Wednesday, July 17th. Wells Fargo & Company dropped their price objective on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Finally, Citigroup reduced their target price on shares of O-I Glass from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, July 8th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $16.25.

Insider Buying and Selling at O-I Glass

In other O-I Glass news, Director John Humphrey bought 15,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was bought at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the purchase, the director now directly owns 84,227 shares of the company’s stock, valued at $951,765.10. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.49% of the stock is currently owned by corporate insiders.

Institutional Trading of O-I Glass

Several institutional investors have recently modified their holdings of the company. Fidelis Capital Partners LLC acquired a new stake in O-I Glass during the first quarter valued at approximately $33,000. TFO Wealth Partners LLC boosted its stake in shares of O-I Glass by 24,311.1% during the 4th quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company’s stock worth $36,000 after acquiring an additional 2,188 shares in the last quarter. FinTrust Capital Advisors LLC bought a new stake in shares of O-I Glass during the 1st quarter worth $38,000. Headlands Technologies LLC acquired a new position in shares of O-I Glass in the 1st quarter worth $39,000. Finally, Newbridge Financial Services Group Inc. raised its position in shares of O-I Glass by 1,337.5% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 2,675 shares during the period. Institutional investors and hedge funds own 97.24% of the company’s stock.

O-I Glass Price Performance

Shares of NYSE OI opened at $12.70 on Monday. The stock has a market cap of $1.98 billion, a P/E ratio of -7.99, a P/E/G ratio of 1.72 and a beta of 1.17. The firm’s 50-day simple moving average is $11.88 and its 200 day simple moving average is $13.21. O-I Glass has a fifty-two week low of $10.08 and a fifty-two week high of $18.70. The company has a quick ratio of 0.75, a current ratio of 1.26 and a debt-to-equity ratio of 2.85.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.01. The company 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%. O-I Glass’s revenue was down 8.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.88 EPS. Equities analysts expect that O-I Glass will post 1.13 EPS for the current 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.