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

Principal Financial Group Inc. trimmed its stake in O-I Glass, Inc. (NYSE:OI) by 4.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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. owned 0.47% of O-I Glass worth $9,631,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of OI. Harbor Capital Advisors Inc. bought a new stake in shares of O-I Glass during the 3rd quarter valued at $27,000. GAMMA Investing LLC grew its holdings in O-I Glass by 371.0% in the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 1,892 shares during the period. Newbridge Financial Services Group Inc. increased its stake in shares of O-I Glass by 1,337.5% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 2,675 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of O-I Glass by 40.2% during the first quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company’s stock valued at $76,000 after purchasing an additional 1,318 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of O-I Glass by 28.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 1,136 shares in the last quarter. Institutional investors own 97.24% of the company’s stock.

O-I Glass Stock Down 4.2 %

OI opened at $12.43 on Tuesday. O-I Glass, Inc. has a twelve month low of $10.08 and a twelve month high of $17.58. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The firm has a 50 day moving average price of $12.68 and a 200-day moving average price of $12.25. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -4.50 and a beta of 1.20.

O-I Glass (NYSE:OI) last released its quarterly 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 firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. O-I Glass’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.80 earnings per share. Equities research analysts forecast that O-I Glass, Inc. will post 0.76 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OI. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Barclays dropped their price target on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and increased their price objective for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. Truist Financial reaffirmed a “buy” rating and issued a $16.00 target price (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Finally, Robert W. Baird cut their price target on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and an average 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.