Maverick Capital Ltd. Acquires 38,695 Shares of O-I Glass, Inc. $OI

Key Points

• Maverick Capital Ltd. increased its stake in O-I Glass, Inc. by 128.8%, acquiring an additional 38,695 shares and bringing its total to 68,741 shares valued at $788,000.
• Several hedge funds, including Northern Trust Corp and Baird Financial Group Inc., also expanded their positions in O-I Glass during the fourth quarter, indicating growing institutional interest.
• Analysts are optimistic about O-I Glass, with a consensus rating of "Moderate Buy" and price targets ranging from $18.00 to $21.00 following upgrades from various firms.

Maverick Capital Ltd. grew its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 128.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 68,741 shares of the industrial products company's stock after purchasing an additional 38,695 shares during the period. Maverick Capital Ltd.'s holdings in O-I Glass were worth $788,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of O-I Glass by 79.3% in the 1st quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 1,142 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in O-I Glass in the first quarter valued at approximately $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of O-I Glass during the 1st quarter worth approximately $85,000. Point72 Asset Management L.P. bought a new stake in shares of O-I Glass during the 4th quarter worth approximately $89,000. Finally, CWM LLC raised its stake in shares of O-I Glass by 623.9% during the 1st quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock worth $96,000 after purchasing an additional 7,231 shares in the last quarter. 97.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

OI has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of O-I Glass from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. Bank of America reaffirmed a "neutral" rating and issued a $17.00 target price (up from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. Wells Fargo & Company reiterated a "mixed" rating on shares of O-I Glass in a report on Monday, August 4th. Citigroup upped their price objective on O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, July 3rd. Finally, BNP Paribas set a $18.00 target price on O-I Glass in a report on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, O-I Glass has an average rating of "Moderate Buy" and a consensus target price of $17.00.

O-I Glass Stock Performance

Shares of OI traded up $0.13 during midday trading on Friday, reaching $12.76. 1,636,812 shares of the stock were exchanged, compared to its average volume of 1,352,049. The stock's 50 day simple moving average is $13.91 and its 200 day simple moving average is $12.89. The company has a market cap of $1.97 billion, a P/E ratio of -7.73, a PEG ratio of 0.24 and a beta of 0.93. O-I Glass, Inc. has a twelve month low of $9.23 and a twelve month high of $16.04. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, beating analysts' consensus estimates of $0.41 by $0.12. The company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.70 billion. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. The firm's quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.44 earnings per share. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. On average, sell-side analysts expect that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Darrow A. Abrahams bought 3,828 shares of O-I Glass stock in a transaction dated Tuesday, August 5th. The shares were bought at an average cost of $13.05 per share, with a total value of $49,955.40. Following the acquisition, the senior vice president owned 184,447 shares in the company, valued at $2,407,033.35. This trade represents a 2.12% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Gordon Hardie purchased 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was bought at an average price of $13.10 per share, for a total transaction of $104,800.00. Following the transaction, the chief executive officer directly owned 515,817 shares of the company's stock, valued at $6,757,202.70. This trade represents a 1.58% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.93% of the company's stock.

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.