Hawk Ridge Capital Management LP Purchases New Shares in O-I Glass, Inc. $OI

Key Points

• Hawk Ridge Capital Management LP acquired 617,700 shares of O-I Glass, Inc., valued at approximately $7.1 million, representing 0.40% ownership as of its latest SEC filing.
• The stock's market capitalization is currently $1.92 billion, with shares down 2.5% recently, trading at $12.48 with a 12-month range of $9.23 to $16.04.
• Analysts have set average target prices for O-I Glass ranging from $17.00 to $19.00, with three analysts giving it a "Hold" rating and others recommending "Buy".

Hawk Ridge Capital Management LP acquired a new stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 617,700 shares of the industrial products company's stock, valued at approximately $7,085,000. Hawk Ridge Capital Management LP owned about 0.40% of O-I Glass at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Millennium Management LLC grew its position in O-I Glass by 251.7% during the 4th quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company's stock worth $15,806,000 after acquiring an additional 1,043,570 shares during the last quarter. MetLife Investment Management LLC grew its position in O-I Glass by 1,043.3% during the 1st quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company's stock worth $12,328,000 after acquiring an additional 980,758 shares during the last quarter. Nuveen LLC bought a new position in O-I Glass during the 1st quarter worth approximately $10,738,000. Alliancebernstein L.P. grew its position in O-I Glass by 20.8% during the 1st quarter. Alliancebernstein L.P. now owns 2,695,401 shares of the industrial products company's stock worth $30,916,000 after acquiring an additional 464,557 shares during the last quarter. Finally, Advisors Preferred LLC bought a new position in O-I Glass during the 1st quarter worth approximately $2,775,000. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Trading Up 1.1%

Shares of OI stock traded up $0.15 during trading hours on Monday, reaching $12.92. The company's stock had a trading volume of 1,079,231 shares, compared to its average volume of 1,553,016. The stock has a market capitalization of $1.99 billion, a P/E ratio of -7.83, a P/E/G ratio of 0.25 and a beta of 0.93. O-I Glass, Inc. has a one year low of $9.23 and a one year high of $16.04. The firm's fifty day simple moving average is $13.91 and its 200 day simple moving average is $12.90. 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 quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.12. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates 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 business's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. Equities research analysts expect that O-I Glass, Inc. will post 1.33 EPS for the current year.

Insider Activity at O-I Glass

In other news, SVP Darrow A. Abrahams purchased 3,828 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were bought 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 of the company's stock, valued at $2,407,033.35. This trade represents a 2.12% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Gordon Hardie purchased 8,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased 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 directly owned 515,817 shares of the company's stock, valued at $6,757,202.70. This represents a 1.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Wells Fargo & Company restated a "mixed" rating on shares of O-I Glass in a research report on Monday, August 4th. BNP Paribas set a $18.00 price target on O-I Glass in a research report on Wednesday, June 25th. BNP Paribas Exane assumed coverage on O-I Glass in a research report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 price target on the stock. Wall Street Zen upgraded O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Finally, UBS Group reiterated a "buy" rating and issued a $19.00 price objective (up from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $17.00.

About O-I Glass

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.