Levin Capital Strategies L.P. Reduces Stock Holdings in O-I Glass, Inc. $OI

Levin Capital Strategies L.P. reduced its holdings in O-I Glass, Inc. (NYSE:OI) by 17.2% during the second quarter, Holdings Channel reports. The firm owned 2,414,089 shares of the industrial products company’s stock after selling 501,017 shares during the period. O-I Glass makes up 3.5% of Levin Capital Strategies L.P.’s portfolio, making the stock its 5th largest holding. Levin Capital Strategies L.P.’s holdings in O-I Glass were worth $35,584,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in OI. Principal Financial Group Inc. raised its holdings in shares of O-I Glass by 2.3% during the first quarter. Principal Financial Group Inc. now owns 767,260 shares of the industrial products company’s stock valued at $8,800,000 after acquiring an additional 17,254 shares during the period. American Century Companies Inc. raised its holdings in shares of O-I Glass by 11.0% during the first quarter. American Century Companies Inc. now owns 326,153 shares of the industrial products company’s stock valued at $3,741,000 after acquiring an additional 32,339 shares during the period. GAMMA Investing LLC raised its holdings in shares of O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 1,142 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of O-I Glass during the first quarter valued at approximately $658,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of O-I Glass by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,992,887 shares of the industrial products company’s stock valued at $22,858,000 after acquiring an additional 144,030 shares during the period. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Stock Performance

OI stock opened at $11.74 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -7.12, a P/E/G ratio of 0.22 and a beta of 0.93. O-I Glass, Inc. has a 12 month low of $9.23 and a 12 month high of $16.04. The firm has a 50 day moving average of $12.54 and a two-hundred day moving average of $13.26.

O-I Glass (NYSE:OI) last posted its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. The company had revenue of $1.59 billion during the quarter. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. As a group, equities analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on OI shares. Truist Financial dropped their price objective on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. UBS Group reiterated a “buy” rating and issued a $19.00 price objective (up previously from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Bank of America reiterated a “neutral” rating and issued a $17.00 price objective (up previously from $15.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Wells Fargo & Company reiterated a “mixed” rating on shares of O-I Glass in a research note on Monday, August 4th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.56.

About O-I Glass

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.