PNC Financial Services Group Inc. Cuts Stock Holdings in O-I Glass, Inc. (NYSE:OI)

PNC Financial Services Group Inc. decreased its position in shares of O-I Glass, Inc. (NYSE:OI) by 5.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 50,233 shares of the industrial products company’s stock after selling 2,855 shares during the period. PNC Financial Services Group Inc.’s holdings in O-I Glass were worth $545,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in OI. R Squared Ltd bought a new position in O-I Glass during the fourth quarter valued at approximately $45,000. KBC Group NV raised its position in O-I Glass by 38.9% in the third quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock worth $71,000 after acquiring an additional 1,521 shares during the period. Quest Partners LLC bought a new position in O-I Glass in the third quarter worth approximately $77,000. XTX Topco Ltd bought a new position in O-I Glass in the third quarter worth approximately $148,000. Finally, Jones Financial Companies Lllp raised its position in shares of O-I Glass by 277.1% during the 4th quarter. Jones Financial Companies Lllp now owns 14,982 shares of the industrial products company’s stock valued at $162,000 after purchasing an additional 11,009 shares during the period. Institutional investors own 97.24% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on OI shares. Royal Bank of Canada restated an “outperform” rating and set a $16.00 price objective on shares of O-I Glass in a research report on Monday. Wells Fargo & Company cut their target price on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday, January 6th. Citigroup cut their target price on shares of O-I Glass from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, January 6th. Finally, Bank of America raised their target price on shares of O-I Glass from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.38.

O-I Glass Stock Performance

Shares of NYSE:OI opened at $12.18 on Thursday. O-I Glass, Inc. has a 52 week low of $9.85 and a 52 week high of $17.58. The stock has a market capitalization of $1.88 billion, a P/E ratio of -17.16, a PEG ratio of 0.24 and a beta of 1.20. The firm has a fifty day simple moving average of $11.29 and a two-hundred day simple moving average of $11.87. The company has a quick ratio of 0.70, a current ratio of 1.15 and a debt-to-equity ratio of 3.78.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. O-I Glass had a negative net margin of 1.62% and a positive return on equity of 8.27%. On average, analysts expect that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

O-I Glass 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.