Principal Financial Group Inc. Trims Stock Position in O-I Glass, Inc. (NYSE:OI)

Principal Financial Group Inc. decreased its position in O-I Glass, Inc. (NYSE:OI) by 4.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 734,042 shares of the industrial products company’s stock after selling 34,021 shares during the period. Principal Financial Group Inc.’s holdings in O-I Glass were worth $9,631,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OI. Vanguard Group Inc. lifted its stake in shares of O-I Glass by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock worth $321,220,000 after purchasing an additional 221,823 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of O-I Glass by 33.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 172,565 shares of the industrial products company’s stock valued at $2,264,000 after buying an additional 43,724 shares in the last quarter. Private Management Group Inc. grew its position in shares of O-I Glass by 21.3% in the 2nd quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock worth $27,884,000 after buying an additional 439,838 shares during the last quarter. Huber Capital Management LLC raised its stake in shares of O-I Glass by 200.5% during the 2nd quarter. Huber Capital Management LLC now owns 193,215 shares of the industrial products company’s stock worth $2,150,000 after acquiring an additional 128,915 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in O-I Glass by 35.3% during the second quarter. American Century Companies Inc. now owns 213,392 shares of the industrial products company’s stock valued at $2,375,000 after acquiring an additional 55,701 shares during the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OI has been the subject of a number of recent analyst reports. Robert W. Baird lowered 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. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Truist Financial restated a “buy” rating and set a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Royal Bank of Canada lowered their target price on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, Citigroup upped their price target on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research note 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. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Stock Performance

Shares of O-I Glass stock opened at $12.43 on Tuesday. The firm has a market cap of $1.92 billion, a PE ratio of -4.50 and a beta of 1.20. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass, Inc. has a 52 week low of $10.08 and a 52 week high of $17.58. The business’s fifty day simple moving average is $12.68 and its 200-day simple moving average is $12.25.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.08). The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.80 earnings per share. Equities analysts forecast that O-I Glass, Inc. will post 0.76 earnings per share 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.