Segall Bryant & Hamill LLC Cuts Position in O-I Glass, Inc. $OI

Segall Bryant & Hamill LLC lowered its stake in shares of O-I Glass, Inc. (NYSE:OI) by 5.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,754,970 shares of the industrial products company’s stock after selling 161,263 shares during the period. Segall Bryant & Hamill LLC’s holdings in O-I Glass were worth $28,955,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in OI. Brandywine Global Investment Management LLC purchased a new stake in shares of O-I Glass during the 4th quarter worth approximately $25,064,000. LSV Asset Management increased its stake in O-I Glass by 12.4% in the 4th quarter. LSV Asset Management now owns 1,801,844 shares of the industrial products company’s stock valued at $26,595,000 after purchasing an additional 199,366 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in O-I Glass by 32.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 4,246,337 shares of the industrial products company’s stock valued at $44,629,000 after purchasing an additional 1,030,705 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. raised its holdings in O-I Glass by 42.1% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,026,525 shares of the industrial products company’s stock worth $29,912,000 after purchasing an additional 600,462 shares during the last quarter. Finally, MYDA Advisors LLC raised its holdings in O-I Glass by 318.0% during the fourth quarter. MYDA Advisors LLC now owns 292,620 shares of the industrial products company’s stock worth $4,319,000 after purchasing an additional 222,620 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

O-I Glass Stock Performance

NYSE:OI opened at $7.17 on Friday. The company has a market cap of $1.10 billion, a P/E ratio of -0.95, a P/E/G ratio of 0.89 and a beta of 0.62. The firm’s 50 day moving average is $8.98 and its two-hundred day moving average is $11.05. O-I Glass, Inc. has a fifty-two week low of $7.01 and a fifty-two week high of $16.91. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 8.89.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.15). The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.68 billion. O-I Glass had a negative net margin of 18.13% and a positive return on equity of 10.40%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 earnings per share. Analysts expect that O-I Glass, Inc. will post 1.14 EPS for the current year.

Insider Activity at O-I Glass

In other news, SVP Eduardo Restrepo purchased 3,309 shares of the stock in a transaction on Thursday, May 14th. The stock was purchased at an average price of $8.98 per share, with a total value of $29,714.82. Following the completion of the transaction, the senior vice president owned 94,199 shares in the company, valued at approximately $845,907.02. The trade was a 3.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Randolph L. Burns purchased 11,000 shares of the company’s stock in a transaction on Friday, May 8th. The shares were purchased at an average price of $9.32 per share, with a total value of $102,520.00. Following the completion of the purchase, the senior vice president directly owned 133,932 shares of the company’s stock, valued at $1,248,246.24. The trade was a 8.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have bought 17,083 shares of company stock worth $157,312. 1.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Bank of America reissued an “underperform” rating and set a $11.00 price objective on shares of O-I Glass in a research note on Tuesday, July 14th. Wells Fargo & Company reduced their target price on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 15th. Citigroup lowered their target price on O-I Glass from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Friday. Robert W. Baird set a $13.00 price target on O-I Glass in a research report on Thursday. Finally, BNP Paribas Exane cut O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price target for the company. in a report on Thursday. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.56.

Trending Headlines about O-I Glass

Here are the key news stories impacting O-I Glass this week:

• Positive Sentiment: Analysts remain constructive on O-I Glass’s longer-term valuation. UBS maintained a “buy” rating with an $11 price target, while Truist also kept a “buy” rating with a $10 target—representing substantial potential upside from recent levels. O-I Glass Price Target Lowered to $11.00 at UBS Group
• Positive Sentiment: Zacks cited solid end-market demand and innovation-focused product development as potential growth drivers for the glass-products industry, which could benefit O-I Glass over time. 2 Glass Products Stocks to Watch in a Promising Industry
• Neutral Sentiment: Citigroup lowered its price target from $10 to $8 and moved to a “neutral” rating. Although the revised target still implies upside, the reduction reflects more cautious expectations following the earnings update. Citigroup O-I Glass Price Target Update
• Negative Sentiment: Second-quarter adjusted earnings were $0.09 per share, below the $0.24 consensus estimate and down from $0.53 a year earlier. Revenue of $1.67 billion also slightly missed estimates and fell 2.2% year over year, with weakness in Europe contributing to the shortfall. O-I Glass Shares Sink After Europe Weakness Drives Earnings Miss
• Negative Sentiment: An $873 million goodwill impairment produced a large second-quarter net loss and intensified concerns about the company’s European operations and balance sheet, which already carries high leverage. O-I Glass Is Down After Goodwill Impairment Triggers Large Q2 Net Loss
• Negative Sentiment: O-I Glass cut full-year guidance for the second consecutive quarter, raising worries about execution and near-term cash flow. The guidance reduction has also prompted an investor investigation notice, adding legal and reputational risk. O-I Glass Investigation Notice

O-I Glass Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.