Maryland State Retirement & Pension System Cuts Stock Holdings in O-I Glass, Inc. (NYSE:OI)

Maryland State Retirement & Pension System lowered its stake in O-I Glass, Inc. (NYSE:OI) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,355 shares of the industrial products company’s stock after selling 759 shares during the period. Maryland State Retirement & Pension System’s holdings in O-I Glass were worth $923,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp increased its position in shares of O-I Glass by 414.2% in the third quarter. Van ECK Associates Corp now owns 129,826 shares of the industrial products company’s stock valued at $2,172,000 after acquiring an additional 104,576 shares during the period. Levin Capital Strategies L.P. raised its position in O-I Glass by 55.0% during the 4th quarter. Levin Capital Strategies L.P. now owns 1,691,765 shares of the industrial products company’s stock valued at $27,711,000 after purchasing an additional 600,239 shares during the last quarter. New York State Common Retirement Fund lifted its holdings in O-I Glass by 14.4% in the 3rd quarter. New York State Common Retirement Fund now owns 523,860 shares of the industrial products company’s stock worth $8,764,000 after buying an additional 65,835 shares during the period. Hussman Strategic Advisors Inc. bought a new stake in shares of O-I Glass in the 3rd quarter worth approximately $1,757,000. Finally, American Century Companies Inc. grew its position in shares of O-I Glass by 7.8% in the 3rd quarter. American Century Companies Inc. now owns 1,672,400 shares of the industrial products company’s stock worth $27,979,000 after buying an additional 121,495 shares during the last quarter. Institutional investors own 97.24% of the company’s stock.

O-I Glass Price Performance

Shares of NYSE:OI opened at $13.45 on Friday. The business has a fifty day moving average price of $15.42 and a 200-day moving average price of $15.49. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.02 and a quick ratio of 0.56. The company has a market capitalization of $2.09 billion, a PE ratio of -8.46, a PEG ratio of 1.34 and a beta of 1.36. O-I Glass, Inc. has a 1-year low of $12.40 and a 1-year high of $23.57.

O-I Glass (NYSE:OI) last posted its earnings results on Tuesday, April 30th. The industrial products company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. The business had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.69 billion. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.29 EPS. As a group, equities analysts expect that O-I Glass, Inc. will post 1.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on OI. Wells Fargo & Company dropped their price target on O-I Glass from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Barclays cut their target price on shares of O-I Glass from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Monday. Bank of America reissued a “neutral” rating and issued a $16.00 price target (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. UBS Group began coverage on O-I Glass in a research report on Tuesday, January 16th. They set a “buy” rating and a $26.00 price objective on the stock. Finally, StockNews.com lowered O-I Glass from a “hold” rating to a “sell” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, O-I Glass presently has a consensus rating of “Hold” and an average target price of $19.56.

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.