Assenagon Asset Management S.A. Sells 595,062 Shares of O-I Glass, Inc. $OI

Key Points

• Assenagon Asset Management cut its stake in O-I Glass by 47.6%, selling 595,062 shares and leaving it with 654,411 shares (about 0.43% of the company) valued at roughly $9.66 million.
• Wall Street sentiment is mixed with a consensus rating of Hold and an average price target of $17.56 (ratings include 1 Strong Buy, 4 Buy, 3 Hold and 2 Sell).
• O-I Glass reported Q4 EPS of $0.20 (beat by $0.01) on $1.50 billion revenue (slightly below estimates); the stock trades near $10.26 with a market cap of about $1.56 billion and a high leverage (debt/equity ~3.35).

Assenagon Asset Management S.A. lessened its holdings in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 47.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 654,411 shares of the industrial products company's stock after selling 595,062 shares during the period. Assenagon Asset Management S.A. owned approximately 0.43% of O-I Glass worth $9,659,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in shares of O-I Glass during the second quarter worth approximately $29,000. State of Wyoming acquired a new position in O-I Glass during the 2nd quarter valued at $35,000. Smartleaf Asset Management LLC raised its stake in O-I Glass by 64.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company's stock valued at $35,000 after purchasing an additional 918 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in O-I Glass in the 3rd quarter valued at $85,000. Finally, Osaic Holdings Inc. grew its position in O-I Glass by 29.7% in the 2nd quarter. Osaic Holdings Inc. now owns 6,779 shares of the industrial products company's stock worth $100,000 after purchasing an additional 1,554 shares during the last quarter. Institutional investors own 97.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on OI. Robert W. Baird set a $20.00 price objective on shares of O-I Glass in a research report on Thursday, February 12th. Weiss Ratings restated a "sell (d-)" rating on shares of O-I Glass in a research note on Thursday, January 22nd. UBS Group reaffirmed a "buy" rating and issued a $21.00 price target on shares of O-I Glass in a report on Thursday, February 12th. Wall Street Zen downgraded O-I Glass from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. Finally, Royal Bank Of Canada decreased their price objective on O-I Glass from $19.00 to $18.00 and set an "outperform" rating on the stock in a report on Thursday, February 26th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $17.56.

O-I Glass Stock Down 2.5%

Shares of OI opened at $10.26 on Friday. The business's fifty day moving average price is $13.56 and its two-hundred day moving average price is $13.51. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of -12.21, a PEG ratio of 0.69 and a beta of 0.82. O-I Glass, Inc. has a 52 week low of $9.23 and a 52 week high of $16.91. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.77 and a current ratio of 1.25.

O-I Glass (NYSE:OI - Get Free Report) last released its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01. O-I Glass had a positive return on equity of 18.07% and a negative net margin of 2.01%.The company had revenue of $1.50 billion during the quarter, compared to analysts' expectations of $1.52 billion. During the same period last year, the firm earned ($0.05) EPS. The business's revenue for the quarter was down 1.9% on a year-over-year basis. On average, analysts predict 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 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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