Millennium Management LLC Raises Holdings in O-I Glass, Inc. (NYSE:OI)

Millennium Management LLC lifted its stake in O-I Glass, Inc. (NYSE:OI - Free Report) by 251.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,458,102 shares of the industrial products company's stock after buying an additional 1,043,570 shares during the quarter. Millennium Management LLC owned approximately 0.94% of O-I Glass worth $15,806,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Barclays PLC raised its holdings in O-I Glass by 349.3% in the 3rd quarter. Barclays PLC now owns 261,161 shares of the industrial products company's stock worth $3,427,000 after purchasing an additional 203,037 shares during the period. SG Americas Securities LLC raised its holdings in O-I Glass by 27.5% in the 4th quarter. SG Americas Securities LLC now owns 21,023 shares of the industrial products company's stock worth $228,000 after purchasing an additional 4,528 shares during the period. KBC Group NV raised its holdings in O-I Glass by 42.5% in the 4th quarter. KBC Group NV now owns 7,740 shares of the industrial products company's stock worth $84,000 after purchasing an additional 2,309 shares during the period. R Squared Ltd acquired a new position in O-I Glass in the 4th quarter worth about $45,000. Finally, EMC Capital Management raised its holdings in O-I Glass by 166.1% in the 4th quarter. EMC Capital Management now owns 21,211 shares of the industrial products company's stock worth $230,000 after purchasing an additional 13,241 shares during the period. Hedge funds and other institutional investors own 97.24% of the company's stock.

O-I Glass Price Performance

Shares of O-I Glass stock traded up $0.35 during mid-day trading on Tuesday, reaching $13.40. 874,101 shares of the stock traded hands, compared to its average volume of 1,552,842. The business has a 50-day moving average of $12.03 and a 200 day moving average of $11.67. O-I Glass, Inc. has a fifty-two week low of $9.23 and a fifty-two week high of $14.34. The stock has a market capitalization of $2.07 billion, a PE ratio of -18.87, a PEG ratio of 0.24 and a beta of 0.93. The company has a quick ratio of 0.70, a current ratio of 1.15 and a debt-to-equity ratio of 3.78.

O-I Glass (NYSE:OI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.18 by $0.22. O-I Glass had a positive return on equity of 8.27% and a negative net margin of 1.62%. The firm had revenue of $1.57 billion during the quarter, compared to analysts' expectations of $1.55 billion. During the same quarter last year, the firm earned $0.45 earnings per share. The business's revenue for the quarter was up .4% on a year-over-year basis. On average, analysts predict that O-I Glass, Inc. will post 1.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on OI shares. Wall Street Zen raised O-I Glass from a "hold" rating to a "buy" rating in a report on Saturday. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $16.00 price target on shares of O-I Glass in a report on Monday, March 17th. Barclays increased their target price on O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Citigroup increased their target price on O-I Glass from $11.00 to $14.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, Truist Financial reissued a "buy" rating and set a $16.00 target price (up previously from $13.00) on shares of O-I Glass in a report on Thursday, May 1st. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, O-I Glass has an average rating of "Moderate Buy" and an average price target of $15.88.

O-I Glass Company Profile

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.