Federated Hermes Inc. Has $1.15 Million Position in O-I Glass, Inc. (NYSE:OI)

Federated Hermes Inc. cut its stake in O-I Glass, Inc. (NYSE:OI) by 34.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,021 shares of the industrial products company’s stock after selling 55,108 shares during the quarter. Federated Hermes Inc. owned approximately 0.07% of O-I Glass worth $1,147,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of OI. Vanguard Group Inc. raised its position in O-I Glass by 1.2% during the first quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock valued at $321,220,000 after acquiring an additional 221,823 shares in the last quarter. Levin Capital Strategies L.P. lifted its stake in shares of O-I Glass by 25.0% in the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock valued at $39,082,000 after purchasing an additional 703,308 shares during the last quarter. Private Management Group Inc. boosted its holdings in O-I Glass by 21.3% in the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock worth $27,884,000 after purchasing an additional 439,838 shares in the last quarter. Norges Bank acquired a new position in O-I Glass during the fourth quarter worth $27,562,000. Finally, Goldman Sachs Group Inc. raised its holdings in O-I Glass by 8.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 1,474,863 shares of the industrial products company’s stock valued at $24,158,000 after buying an additional 115,728 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Stock Performance

NYSE:OI opened at $12.99 on Friday. The firm’s 50-day moving average is $12.11 and its 200-day moving average is $13.10. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -8.17, a PEG ratio of 1.87 and a beta of 1.17. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26. O-I Glass, Inc. has a 52-week low of $10.08 and a 52-week high of $18.08.

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

Insider Buying and Selling

In other O-I Glass news, Director John Humphrey purchased 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, with a total value of $169,500.00. Following the acquisition, the director now directly owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.49% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OI has been the subject of several recent analyst reports. Barclays decreased their price target on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. UBS Group dropped their price target on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Robert W. Baird decreased their price objective 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. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Citigroup decreased their price target on shares of O-I Glass from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Monday, July 8th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.25.

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.