Empowered Funds LLC Buys Shares of 576,791 O-I Glass, Inc. $OI

Key Points

• Empowered Funds LLC purchased 576,791 shares of O-I Glass during the second quarter, worth approximately $5.55 million and representing about 0.38% of the company. Institutional investors collectively own 97.24% of O-I Glass.
• Analyst sentiment remains mixed, with the stock carrying a consensus rating of “Hold” and an average price target of $10.31. Recent recommendations ranged from “Buy” to “Underperform.”
• O-I Glass reported quarterly EPS of $0.09, missing the $0.24 consensus estimate, while revenue declined 2.2% year over year to $1.67 billion. Shares opened at $7.39, near the lower end of their 52-week range of $6.29 to $16.91.

Empowered Funds LLC purchased a new position in shares of O-I Glass, Inc. (NYSE:OI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 576,791 shares of the industrial products company's stock, valued at approximately $5,554,000. Empowered Funds LLC owned about 0.38% of O-I Glass at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of OI. BlackRock Inc. purchased a new position in shares of O-I Glass during the second quarter valued at approximately $225,727,000. Alliancebernstein L.P. grew its stake in O-I Glass by 194.6% in the 2nd quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company's stock worth $117,033,000 after acquiring an additional 5,244,440 shares during the period. Bank of America Corp DE purchased a new stake in O-I Glass in the 2nd quarter worth approximately $33,436,000. Cooper Creek Partners Management LLC raised its holdings in O-I Glass by 73.8% in the 1st quarter. Cooper Creek Partners Management LLC now owns 7,006,293 shares of the industrial products company's stock valued at $73,636,000 after acquiring an additional 2,975,181 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new position in O-I Glass in the 4th quarter valued at $40,090,000. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OI has been the topic of several analyst reports. Zacks Research upgraded O-I Glass from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Truist Financial dropped their target price on O-I Glass from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Bank of America reiterated an "underperform" rating and set a $11.00 target price on shares of O-I Glass in a research report on Tuesday, July 14th. Citigroup raised O-I Glass from a "neutral" rating to a "buy" rating and raised their price target for the stock from $8.00 to $9.00 in a research note on Friday, August 21st. Finally, BNP Paribas Exane cut O-I Glass from an "outperform" rating to a "neutral" rating and set a $8.50 price target for the company. in a report on Thursday, July 30th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $10.31.

O-I Glass Price Performance

Shares of O-I Glass stock opened at $7.39 on Monday. The company has a fifty day moving average price of $8.32 and a 200 day moving average price of $9.80. The company has a current ratio of 1.26, a quick ratio of 0.77 and a debt-to-equity ratio of 8.89. O-I Glass, Inc. has a twelve month low of $6.29 and a twelve month high of $16.91. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -0.98, a price-to-earnings-growth ratio of 2.63 and a beta of 0.66.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.15). The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.68 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The company's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.53 EPS. Equities research analysts forecast that O-I Glass, Inc. will post 0.39 earnings per share for the current fiscal year.

O-I Glass 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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