Empowered Funds LLC acquired a new stake in shares of O-I Glass, Inc. (NYSE:OI – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 576,791 shares of the industrial products company’s stock, valued at approximately $5,554,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of O-I Glass in the 2nd quarter valued at approximately $225,727,000. Dimensional Fund Advisors LP increased its stake in shares of O-I Glass by 8.6% in the first quarter. Dimensional Fund Advisors LP now owns 9,238,635 shares of the industrial products company’s stock worth $97,094,000 after buying an additional 729,191 shares during the last quarter. Alliancebernstein L.P. raised its holdings in O-I Glass by 0.7% in the third quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock valued at $103,718,000 after acquiring an additional 56,945 shares in the last quarter. Cooper Creek Partners Management LLC raised its holdings in O-I Glass by 73.8% in the first quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company’s stock valued at $73,636,000 after acquiring an additional 2,975,181 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in O-I Glass by 32.1% during 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 acquiring an additional 1,030,705 shares during the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
OI has been the subject of several research analyst reports. Bank of America reissued an “underperform” rating and issued a $11.00 target price on shares of O-I Glass in a research report on Tuesday, July 14th. Truist Financial reduced their price target on shares of O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Royal Bank Of Canada downgraded O-I Glass from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $10.00 to $8.00 in a research note on Thursday, August 13th. Robert W. Baird set a $13.00 price objective on O-I Glass in a research note on Thursday, July 30th. Finally, BNP Paribas Exane cut O-I Glass from an “outperform” rating to a “neutral” rating and set a $8.50 price objective on the stock. in a research note on Thursday, July 30th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, O-I Glass currently has an average rating of “Hold” and an average price target of $10.31.
O-I Glass Stock Performance
Shares of OI stock opened at $7.39 on Monday. The company has a quick ratio of 0.77, a current ratio of 1.26 and a debt-to-equity ratio of 8.89. The business has a 50 day moving average of $8.32 and a two-hundred day moving average of $9.80. O-I Glass, Inc. has a 52 week low of $6.29 and a 52 week high of $16.91. The company has a market cap of $1.14 billion, a P/E ratio of -0.98, a PEG ratio of 2.63 and a beta of 0.66.
O-I Glass (NYSE:OI – Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The industrial products company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.15). The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.68 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. As a group, analysts anticipate that O-I Glass, Inc. will post 0.39 EPS for the current year.
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.
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