Algert Global LLC Purchases Shares of 140,010 O-I Glass, Inc. $OI

Key Points

• Algert Global LLC has acquired a $1.61 million position in O-I Glass, purchasing 140,010 shares and now holds about 0.09% of the company.
• Other institutional investors have significantly increased their holdings in O-I Glass, with Millennium Management LLC boosting its stake by 251.7% and now owning $15.8 million worth of shares.
• Equities analysts have issued positive ratings for O-I Glass, with a consensus rating of "Moderate Buy" and an average price target of $17.00, reflecting strong investor confidence.

Algert Global LLC purchased a new position in O-I Glass, Inc. (NYSE:OI - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 140,010 shares of the industrial products company's stock, valued at approximately $1,606,000. Algert Global LLC owned approximately 0.09% of O-I Glass as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Russell Investments Group Ltd. grew its stake in O-I Glass by 1.5% during the first quarter. Russell Investments Group Ltd. now owns 70,572 shares of the industrial products company's stock worth $809,000 after buying an additional 1,074 shares during the last quarter. GAMMA Investing LLC grew its stake in 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 worth $30,000 after buying an additional 1,142 shares during the last quarter. SummerHaven Investment Management LLC grew its stake in O-I Glass by 1.6% during the first quarter. SummerHaven Investment Management LLC now owns 75,226 shares of the industrial products company's stock worth $863,000 after buying an additional 1,204 shares during the last quarter. Baird Financial Group Inc. grew its stake in O-I Glass by 9.6% during the fourth quarter. Baird Financial Group Inc. now owns 16,152 shares of the industrial products company's stock worth $175,000 after buying an additional 1,410 shares during the last quarter. Finally, Guggenheim Capital LLC grew its stake in O-I Glass by 9.9% during the fourth quarter. Guggenheim Capital LLC now owns 22,777 shares of the industrial products company's stock worth $247,000 after buying an additional 2,044 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company's stock.

Insider Buying and Selling at O-I Glass

In other news, SVP Darrow A. Abrahams bought 3,828 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were bought at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the completion of the acquisition, the senior vice president owned 184,447 shares in the company, valued at approximately $2,407,033.35. This trade represents a 2.12% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gordon Hardie bought 8,000 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the acquisition, the chief executive officer owned 515,817 shares of the company's stock, valued at approximately $6,757,202.70. This trade represents a 1.58% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.49% of the company's stock.

O-I Glass Trading Down 1.1%

OI traded down $0.15 during mid-day trading on Wednesday, hitting $13.12. The stock had a trading volume of 599,476 shares, compared to its average volume of 1,538,304. The stock's fifty day simple moving average is $14.18 and its 200-day simple moving average is $12.83. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -7.95, a price-to-earnings-growth ratio of 0.26 and a beta of 0.92. O-I Glass, Inc. has a 1-year low of $9.23 and a 1-year high of $16.04.

O-I Glass (NYSE:OI - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.12. The company had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.70 billion. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The business's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period last year, the business posted $0.44 earnings per share. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. As a group, research analysts forecast that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently commented on OI. BNP Paribas set a $18.00 price target on shares of O-I Glass in a research note on Wednesday, June 25th. Barclays increased their price target on shares of O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. UBS Group reissued a "buy" rating and set a $19.00 price target (up from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Wells Fargo & Company reissued a "mixed" rating on shares of O-I Glass in a research note on Monday, August 4th. Finally, Citigroup increased their price target on shares of O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

O-I Glass Company 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.