Alliancebernstein L.P. Has $30.92 Million Stake in O-I Glass, Inc. $OI

Key Points

• Alliancebernstein L.P. increased its stake in O-I Glass, Inc. by 20.8%, owning approximately 2.7 million shares valued at $30.92 million after acquiring additional shares in the 1st quarter.
• A number of analysts have upgraded O-I Glass, with a recent consensus rating of "Moderate Buy" and an average target price set around $17.00.
• CEO Gordon Hardie and Senior VP Darrow A. Abrahams both made significant stock purchases, indicating strong insider confidence in the company's trajectory.

Alliancebernstein L.P. lifted its stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 20.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,695,401 shares of the industrial products company's stock after buying an additional 464,557 shares during the quarter. Alliancebernstein L.P. owned approximately 1.74% of O-I Glass worth $30,916,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in O-I Glass by 79.3% in the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 1,142 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in O-I Glass during the 1st quarter worth approximately $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in O-I Glass during the 1st quarter worth approximately $85,000. Point72 Asset Management L.P. purchased a new position in O-I Glass during the 4th quarter worth approximately $89,000. Finally, CWM LLC grew its stake in O-I Glass by 623.9% during the 1st quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock worth $96,000 after buying an additional 7,231 shares during the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at O-I Glass

In related news, SVP Darrow A. Abrahams bought 3,828 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were purchased at an average cost of $13.05 per share, with a total value of $49,955.40. Following the completion of the transaction, the senior vice president directly owned 184,447 shares of the company's stock, valued at approximately $2,407,033.35. This represents a 2.12% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Gordon Hardie purchased 8,000 shares of O-I Glass stock in a transaction on Tuesday, August 5th. The shares were acquired at an average price of $13.10 per share, with a total value of $104,800.00. Following the transaction, the chief executive officer directly owned 515,817 shares in the company, valued at $6,757,202.70. This trade represents a 1.58% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.93% of the company's stock.

O-I Glass Trading Down 2.2%

NYSE:OI traded down $0.30 on Friday, hitting $12.93. 843,036 shares of the stock were exchanged, compared to its average volume of 1,378,279. The stock has a market cap of $1.99 billion, a PE ratio of -7.83, a PEG ratio of 0.26 and a beta of 0.93. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The stock has a fifty day moving average of $13.67 and a 200-day moving average of $12.94. O-I Glass, Inc. has a fifty-two week low of $9.23 and a fifty-two week high of $16.04.

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

Analysts Set New Price Targets

OI has been the topic of several analyst reports. Bank of America reiterated a "neutral" rating and issued a $17.00 target price (up from $15.00) on shares of O-I Glass in a research note on Wednesday, July 9th. BNP Paribas Exane started coverage on O-I Glass in a report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price target for the company. BNP Paribas set a $18.00 price target on O-I Glass in a report on Wednesday, June 25th. Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a report on Friday, July 11th. Finally, UBS Group reaffirmed a "buy" rating and set a $19.00 price objective (up from $17.00) on shares of O-I Glass in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $17.00.

O-I Glass 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.