Levin Capital Strategies L.P. Has $33.44 Million Stock Holdings in O-I Glass, Inc. (NYSE:OI)

Key Points

• Levin Capital Strategies L.P. increased its stake in O-I Glass, Inc. by 6.0%, now holding 2,915,106 shares, making O-I Glass its 5th biggest position.
• O-I Glass reported earnings of $0.53 per share for the last quarter, exceeding analysts' expectations of $0.41, with revenue remaining steady at $1.70 billion.
• Several brokerages adjusted their ratings on O-I Glass, with an average target price of $17.00 and a mix of buy and hold ratings among research analysts.

Levin Capital Strategies L.P. increased its stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,915,106 shares of the industrial products company's stock after purchasing an additional 164,669 shares during the quarter. O-I Glass makes up approximately 3.5% of Levin Capital Strategies L.P.'s portfolio, making the stock its 5th largest position. Levin Capital Strategies L.P. owned about 1.88% of O-I Glass worth $33,436,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Sei Investments Co. lifted its stake in shares of O-I Glass by 112.8% in the fourth quarter. Sei Investments Co. now owns 93,174 shares of the industrial products company's stock worth $1,010,000 after buying an additional 49,383 shares during the last quarter. Principal Financial Group Inc. increased its position in O-I Glass by 2.3% during the first quarter. Principal Financial Group Inc. now owns 767,260 shares of the industrial products company's stock worth $8,800,000 after acquiring an additional 17,254 shares during the period. SG Americas Securities LLC increased its position in O-I Glass by 117.7% during the first quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company's stock worth $525,000 after acquiring an additional 24,743 shares during the period. Northern Trust Corp increased its position in O-I Glass by 8.5% during the fourth quarter. Northern Trust Corp now owns 1,738,277 shares of the industrial products company's stock worth $18,843,000 after acquiring an additional 135,989 shares during the period. Finally, GAMMA Investing LLC increased its position in O-I Glass by 79.3% during 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. 97.24% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at O-I Glass

In other news, SVP Darrow A. Abrahams purchased 3,828 shares of the business's stock in a transaction that occurred 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 transaction, the senior vice president directly owned 184,447 shares of the company's stock, valued at approximately $2,407,033.35. The trade was a 2.12% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gordon Hardie purchased 8,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 in the company, valued at $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. 0.93% of the stock is owned by corporate insiders.

O-I Glass Price Performance

Shares of OI traded up $0.06 during trading hours on Friday, hitting $13.42. The stock had a trading volume of 1,251,910 shares, compared to its average volume of 1,929,549. The company's fifty day moving average is $14.24 and its two-hundred day moving average is $12.67. 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, Inc. has a 52 week low of $9.23 and a 52 week high of $16.04. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of -8.13, a P/E/G ratio of 0.26 and a beta of 0.92.

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 EPS for the quarter, topping analysts' consensus estimates of $0.41 by $0.12. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. The company's revenue was down 1.3% on a year-over-year basis. On average, analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current year.

Wall Street Analysts Forecast Growth

OI has been the topic of a number of research reports. UBS Group reaffirmed a "buy" rating and set a $19.00 target price (up previously from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Truist Financial set a $21.00 price target on shares of O-I Glass and gave the company a "buy" rating in a report on Friday, July 11th. Wells Fargo & Company reissued a "mixed" rating on shares of O-I Glass in a report on Monday, August 4th. BNP Paribas Exane started coverage on shares of O-I Glass in a report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price target on the stock. Finally, BNP Paribas set a $18.00 price target on shares of O-I Glass in a report on Wednesday, June 25th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price 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.