Highland Peak Capital LLC Lowers Stock Position in O-I Glass, Inc. (NYSE:OI)

Key Points

• Highland Peak Capital LLC reduced its stake in O-I Glass by 10.2%, now owning approximately 3.48 million shares, making it their largest holding.
• Analysts have a consensus rating of "Moderate Buy" for O-I Glass, with a price target of $17.00, while the stock currently trades at around $13.00.
• O-I Glass reported $0.53 EPS for the last quarter, exceeding estimates, but saw revenue down 1.3% compared to the previous year.

Highland Peak Capital LLC reduced its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 10.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,483,187 shares of the industrial products company's stock after selling 394,072 shares during the quarter. O-I Glass makes up 29.4% of Highland Peak Capital LLC's portfolio, making the stock its biggest position. Highland Peak Capital LLC owned approximately 2.25% of O-I Glass worth $39,952,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of OI. Cooper Creek Partners Management LLC increased its holdings in shares of O-I Glass by 18.2% in the 4th quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company's stock worth $120,132,000 after acquiring an additional 1,705,216 shares during the period. FMR LLC increased its holdings in shares of O-I Glass by 6.9% in the 4th quarter. FMR LLC now owns 10,054,398 shares of the industrial products company's stock worth $108,990,000 after acquiring an additional 647,237 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of O-I Glass by 9.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,449,472 shares of the industrial products company's stock worth $80,749,000 after acquiring an additional 617,460 shares during the period. Levin Capital Strategies L.P. increased its holdings in shares of O-I Glass by 6.0% in the 1st quarter. Levin Capital Strategies L.P. now owns 2,915,106 shares of the industrial products company's stock worth $33,436,000 after acquiring an additional 164,669 shares during the period. Finally, Private Management Group Inc. increased its holdings in shares of O-I Glass by 1.1% in the 1st quarter. Private Management Group Inc. now owns 2,868,100 shares of the industrial products company's stock worth $32,897,000 after acquiring an additional 29,827 shares during the period. 97.24% of the stock is currently owned by institutional investors.

Insider Activity at O-I Glass

In related news, SVP Darrow A. Abrahams purchased 3,828 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was acquired at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the completion of 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Gordon Hardie purchased 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average price of $13.10 per share, with a total value of $104,800.00. Following the completion of the acquisition, the chief executive officer 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. Company insiders own 0.93% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on OI. Wells Fargo & Company reissued a "mixed" rating on shares of O-I Glass in a research note on Monday, August 4th. Barclays raised their target price on shares of O-I Glass from $13.00 to $14.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Bank of America reissued a "neutral" rating and set a $17.00 target price (up previously from $15.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Citigroup raised their target price on shares of 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, Wall Street Zen raised shares of O-I Glass from a "hold" rating to a "buy" rating in a research note on Sunday, June 29th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $17.00.

O-I Glass Price Performance

Shares of NYSE:OI traded up $0.06 during trading hours on Friday, hitting $13.42. 1,251,910 shares of the company's stock traded hands, compared to its average volume of 1,929,549. O-I Glass, Inc. has a 52 week low of $9.23 and a 52 week high of $16.04. The company's fifty day simple moving average is $14.24 and its two-hundred day simple moving average is $12.67. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -8.13, a price-to-earnings-growth ratio of 0.26 and a beta of 0.92. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.77 and a current ratio of 1.24.

O-I Glass (NYSE:OI - Get Free Report) last announced its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same period last year, the company posted $0.44 earnings per share. The business's revenue for the quarter was down 1.3% on a year-over-year basis. As a group, equities analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

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.