Alliancebernstein L.P. Acquires 464,557 Shares of 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. raised its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 20.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,695,401 shares of the industrial products company's stock after acquiring an additional 464,557 shares during the quarter. Alliancebernstein L.P. owned approximately 1.74% of O-I Glass worth $30,916,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in O-I Glass by 79.3% in the 1st 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. Caitong International Asset Management Co. Ltd acquired a new position in O-I Glass in the 1st quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in O-I Glass in the 1st quarter valued at approximately $85,000. Point72 Asset Management L.P. acquired a new position in O-I Glass in the 4th quarter valued at approximately $89,000. Finally, CWM LLC increased its position in O-I Glass by 623.9% in the 1st quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock valued at $96,000 after acquiring an additional 7,231 shares during the period. 97.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at O-I Glass

In related news, CEO Gordon Hardie bought 8,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The shares were acquired at an average cost of $13.10 per share, with a total value of $104,800.00. Following the completion of the purchase, the chief executive officer directly owned 515,817 shares in the company, valued at $6,757,202.70. The trade was a 1.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Darrow A. Abrahams acquired 3,828 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the completion of the purchase, 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 position. The disclosure for this purchase can be found here. 0.93% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

OI has been the subject of several recent research reports. Truist Financial set a $21.00 price target on shares of O-I Glass and gave the company a "buy" rating in a research report on Friday, July 11th. Wells Fargo & Company reiterated a "mixed" rating on shares of O-I Glass in a research report on Monday, August 4th. Citigroup increased their price objective on shares of O-I Glass from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Thursday, July 3rd. UBS Group reiterated a "buy" rating and set a $19.00 price objective (up from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Finally, BNP Paribas Exane began coverage on shares of O-I Glass in a research report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

O-I Glass Stock Down 1.4%

NYSE OI traded down $0.18 on Monday, hitting $12.75. 798,622 shares of the company were exchanged, compared to its average volume of 1,349,062. The company has a market cap of $1.96 billion, a PE ratio of -7.72, a PEG ratio of 0.25 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 stock has a fifty day moving average of $13.61 and a 200-day moving average of $12.97. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58.

O-I Glass (NYSE:OI - Get Free Report) last issued its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.12. The business 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%. O-I Glass's revenue was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 earnings per share. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. As a group, analysts forecast that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

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.