Susquehanna Portfolio Strategies LLC Sells 24,737 Shares of O-I Glass, Inc. (NYSE:OI)

Susquehanna Portfolio Strategies LLC trimmed its stake in O-I Glass, Inc. (NYSE:OI) by 13.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 155,410 shares of the industrial products company’s stock after selling 24,737 shares during the quarter. Susquehanna Portfolio Strategies LLC owned approximately 0.10% of O-I Glass worth $1,730,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC grew its position in shares of O-I Glass by 95.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 120,397 shares of the industrial products company’s stock valued at $1,340,000 after acquiring an additional 58,843 shares during the period. Mackenzie Financial Corp lifted its stake in O-I Glass by 6.1% in the 2nd quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company’s stock valued at $224,000 after purchasing an additional 1,162 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in O-I Glass by 4.2% during the second quarter. The Manufacturers Life Insurance Company now owns 83,898 shares of the industrial products company’s stock worth $934,000 after purchasing an additional 3,413 shares during the period. Millennium Management LLC grew its holdings in O-I Glass by 27.5% during the second quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock worth $21,875,000 after purchasing an additional 424,102 shares during the period. Finally, Marshall Wace LLP acquired a new position in O-I Glass during the second quarter worth approximately $2,551,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on OI shares. Citigroup cut their price objective on O-I Glass from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, July 8th. Truist Financial reaffirmed a “buy” rating and set a $16.00 price target (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Barclays dropped their price objective on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. Finally, Royal Bank of Canada reduced their target price on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Four analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.25.

O-I Glass Stock Performance

OI opened at $13.27 on Friday. The stock has a fifty day moving average of $12.25 and a 200-day moving average of $13.00. O-I Glass, Inc. has a fifty-two week low of $10.08 and a fifty-two week high of $17.58. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the company earned $0.88 EPS. The business’s revenue was down 8.5% on a year-over-year basis. On average, research analysts forecast that O-I Glass, Inc. will post 1.13 EPS for the current year.

Insider Activity at O-I Glass

In related news, Director John Humphrey acquired 15,000 shares of the stock in a transaction on Tuesday, August 6th. The shares were purchased at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the purchase, the director now directly owns 84,227 shares in the company, valued at $951,765.10. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.49% of the stock is currently owned by corporate insiders.

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.