Victory Capital Management Inc. Sells 14,380 Shares of O-I Glass, Inc. (NYSE:OI)

Victory Capital Management Inc. lessened its stake in O-I Glass, Inc. (NYSE:OI) by 14.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 88,661 shares of the industrial products company’s stock after selling 14,380 shares during the period. Victory Capital Management Inc. owned approximately 0.06% of O-I Glass worth $1,163,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Everence Capital Management Inc. boosted its holdings in shares of O-I Glass by 6.1% in the third quarter. Everence Capital Management Inc. now owns 15,550 shares of the industrial products company’s stock worth $204,000 after buying an additional 890 shares during the last quarter. Diversified Trust Co raised its position in O-I Glass by 2.0% in the third quarter. Diversified Trust Co now owns 49,596 shares of the industrial products company’s stock worth $651,000 after acquiring an additional 965 shares during the period. Nisa Investment Advisors LLC boosted its stake in shares of O-I Glass by 28.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,136 shares during the last quarter. Mackenzie Financial Corp grew its position in shares of O-I Glass by 6.1% during the 2nd quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company’s stock valued at $224,000 after acquiring an additional 1,162 shares during the period. Finally, Bessemer Group Inc. increased its stake in shares of O-I Glass by 40.2% in the 1st 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 in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Price Performance

OI stock opened at $12.60 on Wednesday. The business’s fifty day moving average price is $12.72 and its 200 day moving average price is $12.23. O-I Glass, Inc. has a 12-month low of $10.08 and a 12-month high of $17.58. The company has a current ratio of 1.23, a quick ratio of 0.77 and a debt-to-equity ratio of 3.18. The company has a market capitalization of $1.95 billion, a PE ratio of -4.53 and a beta of 1.20.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.08). The business 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%. O-I Glass’s quarterly revenue was down 3.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.80 earnings per share. On average, sell-side analysts anticipate that O-I Glass, Inc. will post 0.76 EPS for the current year.

Wall Street Analysts Forecast Growth

OI has been the subject of several research reports. Truist Financial reissued 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. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Citigroup boosted their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Robert W. Baird reduced their price target on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Finally, Royal Bank of Canada decreased their price target on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

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.