Assenagon Asset Management S.A. Sells 595,062 Shares of O-I Glass, Inc. $OI

Assenagon Asset Management S.A. reduced its stake in O-I Glass, Inc. (NYSE:OI) by 47.6% during the 4th quarter, Holdings Channel reports. The firm owned 654,411 shares of the industrial products company’s stock after selling 595,062 shares during the period. Assenagon Asset Management S.A.’s holdings in O-I Glass were worth $9,659,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in OI. Alliancebernstein L.P. increased its holdings in O-I Glass by 194.6% in the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock valued at $117,033,000 after purchasing an additional 5,244,440 shares during the last quarter. Bank of America Corp DE grew its position in shares of O-I Glass by 222.6% during the 2nd quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock worth $32,520,000 after buying an additional 1,522,384 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in shares of O-I Glass during the 3rd quarter worth about $18,496,000. Bridgeway Capital Management LLC bought a new stake in shares of O-I Glass in the 3rd quarter valued at about $14,287,000. Finally, Vanguard Group Inc. increased its stake in shares of O-I Glass by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock valued at $250,959,000 after acquiring an additional 691,989 shares during the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on OI. Wall Street Zen lowered shares of O-I Glass from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a research note on Thursday, January 22nd. Wells Fargo & Company lowered shares of O-I Glass from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $18.00 to $13.00 in a report on Friday, March 20th. Zacks Research cut shares of O-I Glass from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 3rd. Finally, Citigroup decreased their price target on shares of O-I Glass from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $17.56.

O-I Glass Stock Down 2.5%

NYSE:OI opened at $10.26 on Friday. O-I Glass, Inc. has a twelve month low of $9.23 and a twelve month high of $16.91. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of -12.21, a price-to-earnings-growth ratio of 0.69 and a beta of 0.82. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 3.35. The stock’s 50 day moving average price is $13.56 and its two-hundred day moving average price is $13.51.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, February 10th. The industrial products company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01. The company had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.52 billion. O-I Glass had a positive return on equity of 18.07% and a negative net margin of 2.01%.The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.05) EPS. Equities research analysts expect that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

About O-I Glass

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.