Assenagon Asset Management S.A. Buys 120,227 Shares of O-I Glass, Inc. $OI

Key Points

• Assenagon Asset Management S.A. increased its stake in O-I Glass, Inc. by 37.2%, acquiring an additional 120,227 shares in the 2nd quarter, totaling 443,414 shares valued at approximately $6.54 million.
• Recent increases in holdings from various hedge funds, such as a 79.3% boost by GAMMA Investing, highlight growing institutional interest as they collectively own 97.24% of the company's stock.
• O-I Glass reported an earnings per share (EPS) of $0.53 for the last quarter, exceeding expectations, despite a 1.3% decline in revenue compared to the previous year.

Assenagon Asset Management S.A. raised its stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 37.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 443,414 shares of the industrial products company's stock after purchasing an additional 120,227 shares during the period. Assenagon Asset Management S.A. owned 0.29% of O-I Glass worth $6,536,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in OI. GAMMA Investing LLC boosted its stake in shares of 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 worth $30,000 after acquiring an additional 1,142 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of O-I Glass in the first quarter worth about $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of O-I Glass in the first quarter worth about $85,000. CWM LLC boosted its stake in shares of O-I Glass by 623.9% in the first quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock worth $96,000 after acquiring an additional 7,231 shares during the period. Finally, United Services Automobile Association bought a new position in shares of O-I Glass in the first quarter worth about $119,000. Institutional investors own 97.24% of the company's stock.

Insider Buying and Selling

In related news, SVP Darrow A. Abrahams acquired 3,828 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were acquired at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the completion of the transaction, the senior vice president directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Gordon Hardie acquired 8,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were bought at an average price of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.49% of the company's stock.

O-I Glass Stock Up 1.4%

Shares of OI opened at $13.33 on Wednesday. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -8.08, a price-to-earnings-growth ratio of 0.25 and a beta of 0.93. O-I Glass, Inc. has a 1 year low of $9.23 and a 1 year high of $16.04. The business's 50 day simple moving average is $13.32 and its 200-day simple moving average is $13.02. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations 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 company's revenue for the quarter was down 1.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.44 EPS. 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on OI. BNP Paribas Exane began coverage on O-I Glass in a research note on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price objective for the company. Wall Street Zen raised O-I Glass from a "hold" rating to a "buy" rating in a research note on Sunday, June 29th. BNP Paribas set a $18.00 price objective on O-I Glass in a research note on Wednesday, June 25th. Wells Fargo & Company reaffirmed a "mixed" rating on shares of O-I Glass in a research note on Monday, August 4th. Finally, 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 report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.