Markel Group Inc. Increases Stock Holdings in O-I Glass, Inc. (NYSE:OI)

Markel Group Inc. boosted its stake in O-I Glass, Inc. (NYSE:OI) by 20.8% in the third quarter, Holdings Channel reports. The fund owned 814,100 shares of the industrial products company’s stock after buying an additional 140,000 shares during the quarter. Markel Group Inc.’s holdings in O-I Glass were worth $10,681,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OI. Vanguard Group Inc. lifted its position in shares of O-I Glass by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock worth $321,220,000 after buying an additional 221,823 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of O-I Glass by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock valued at $78,952,000 after buying an additional 573,300 shares during the last quarter. Levin Capital Strategies L.P. boosted its position in shares of O-I Glass by 25.0% during the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock worth $39,082,000 after buying an additional 703,308 shares during the period. Private Management Group Inc. grew its holdings in O-I Glass by 20.8% in the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after buying an additional 520,452 shares in the last quarter. Finally, Millennium Management LLC raised its stake in O-I Glass by 27.5% during the 2nd quarter. Millennium Management LLC now owns 1,965,426 shares of the industrial products company’s stock valued at $21,875,000 after acquiring an additional 424,102 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

Analysts Set New Price Targets

OI has been the topic of a number of research analyst reports. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and raised their price objective for the company from $14.00 to $16.00 in a research note on Thursday, October 17th. Robert W. Baird lowered their price target on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company dropped their price objective on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 17th. UBS Group cut their price objective on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Finally, Citigroup upped their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.25.

O-I Glass Stock Performance

NYSE:OI opened at $12.82 on Friday. The stock has a market capitalization of $1.98 billion, a PE ratio of -4.64 and a beta of 1.20. O-I Glass, Inc. has a fifty-two week low of $10.08 and a fifty-two week high of $17.58. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. The business’s 50-day simple moving average is $12.62 and its 200-day simple moving average is $12.34.

O-I Glass (NYSE:OI) last announced its quarterly earnings data 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). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The company had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the business earned $0.80 EPS. O-I Glass’s revenue was down 3.7% on a year-over-year basis. Sell-side analysts expect that O-I Glass, Inc. will post 0.75 earnings per share for the current fiscal year.

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.