Assenagon Asset Management S.A. Sells 635,080 Shares of O-I Glass, Inc. $OI

Key Points

• Assenagon Asset Management sharply reduced its O-I Glass position in Q1, selling 635,080 shares and cutting its stake by 97% to 19,331 shares worth about $203,000.
• Several O-I Glass insiders bought shares recently, including SVP Darrow A. Abrahams and SVP Randolph L. Burns, with insiders purchasing 17,083 shares total over the last quarter.
• Analysts are mixed on the stock: the average rating is now Hold with a $15.14 target price, while O-I Glass also reported Q1 EPS of $0.05, missing estimates even as revenue came in above expectations.

Assenagon Asset Management S.A. trimmed its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 97.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,331 shares of the industrial products company's stock after selling 635,080 shares during the period. Assenagon Asset Management S.A.'s holdings in O-I Glass were worth $203,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brandywine Global Investment Management LLC purchased a new position in shares of O-I Glass in the fourth quarter valued at $25,064,000. Boothbay Fund Management LLC lifted its holdings in O-I Glass by 22.1% during the 3rd quarter. Boothbay Fund Management LLC now owns 803,029 shares of the industrial products company's stock worth $10,415,000 after purchasing an additional 145,170 shares in the last quarter. LSV Asset Management lifted its holdings in O-I Glass by 12.4% during the 4th quarter. LSV Asset Management now owns 1,801,844 shares of the industrial products company's stock worth $26,595,000 after purchasing an additional 199,366 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in O-I Glass by 42.1% in the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 2,026,525 shares of the industrial products company's stock worth $29,912,000 after purchasing an additional 600,462 shares during the period. Finally, MYDA Advisors LLC boosted its stake in O-I Glass by 318.0% in the 4th quarter. MYDA Advisors LLC now owns 292,620 shares of the industrial products company's stock worth $4,319,000 after purchasing an additional 222,620 shares during the period. Institutional investors own 97.24% of the company's stock.

Insiders Place Their Bets

In other O-I Glass news, SVP Darrow A. Abrahams acquired 2,774 shares of the business's stock in a transaction dated Monday, May 11th. The stock was bought at an average price of $9.04 per share, with a total value of $25,076.96. Following the purchase, the senior vice president owned 235,928 shares of the company's stock, valued at approximately $2,132,789.12. This trade represents a 1.19% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Randolph L. Burns bought 11,000 shares of O-I Glass stock in a transaction that occurred on Friday, May 8th. The shares were acquired at an average cost of $9.32 per share, for a total transaction of $102,520.00. Following the acquisition, the senior vice president owned 133,932 shares in the company, valued at $1,248,246.24. The trade was a 8.95% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 17,083 shares of company stock valued at $157,312 over the last quarter. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on OI. Weiss Ratings cut O-I Glass from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday. UBS Group reduced their price objective on shares of O-I Glass from $21.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, April 10th. Truist Financial reaffirmed a "buy" rating and set a $14.00 price objective (down from $15.00) on shares of O-I Glass in a research note on Thursday, April 30th. Royal Bank Of Canada set a $14.00 target price on shares of O-I Glass in a report on Friday, April 17th. Finally, Wells Fargo & Company cut shares of O-I Glass from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $18.00 to $13.00 in a research note on Friday, March 20th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $15.14.

O-I Glass Stock Down 0.3%

OI opened at $9.76 on Friday. The business's fifty day simple moving average is $9.06 and its 200 day simple moving average is $11.90. O-I Glass, Inc. has a 52 week low of $7.75 and a 52 week high of $16.91. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 3.35. The stock has a market cap of $1.50 billion, a PE ratio of -8.00, a P/E/G ratio of 1.12 and a beta of 0.62.

O-I Glass (NYSE:OI - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). The firm had revenue of $1.54 billion during the quarter, compared to analysts' expectations of $1.47 billion. O-I Glass had a positive return on equity of 13.65% and a negative net margin of 2.91%.O-I Glass's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.40 earnings per share. O-I Glass has set its FY 2026 guidance at 1.000-1.500 EPS. As a group, research analysts expect that O-I Glass, Inc. will post 1.2 earnings per share for the current fiscal year.

About O-I Glass

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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