Connor Clark & Lunn Investment Management Ltd. Trims Stake in O-I Glass, Inc. $OI

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 48.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 80,433 shares of the industrial products company's stock after selling 74,910 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.05% of O-I Glass worth $923,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in 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 purchasing an additional 617,460 shares during the period. Levin Capital Strategies L.P. boosted its stake in O-I Glass by 6.0% during the first quarter. Levin Capital Strategies L.P. now owns 2,915,106 shares of the industrial products company's stock valued at $33,436,000 after buying an additional 164,669 shares during the last quarter. Private Management Group Inc. boosted its stake in O-I Glass by 1.1% during the first quarter. Private Management Group Inc. now owns 2,868,100 shares of the industrial products company's stock valued at $32,897,000 after buying an additional 29,827 shares during the last quarter. IPG Investment Advisors LLC boosted its stake in O-I Glass by 11.4% during the first quarter. IPG Investment Advisors LLC now owns 2,050,708 shares of the industrial products company's stock valued at $23,522,000 after buying an additional 210,040 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in O-I Glass by 7.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,992,887 shares of the industrial products company's stock valued at $22,858,000 after buying an additional 144,030 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Trading Up 1.4%

OI stock traded up $0.1750 during midday trading on Thursday, reaching $13.1150. 446,668 shares of the company traded hands, compared to its average volume of 1,545,250. O-I Glass, Inc. has a 52-week low of $9.23 and a 52-week high of $16.04. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.77 and a current ratio of 1.24. The business has a 50 day moving average of $14.21 and a 200-day moving average of $12.77. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of -7.94, a P/E/G ratio of 0.25 and a beta of 0.92.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on OI. Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a research note on Friday, July 11th. Citigroup increased their price target 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. Barclays increased their price target on 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 restated a "neutral" rating and set a $17.00 price objective (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Finally, BNP Paribas set a $18.00 price objective on O-I Glass in a research report on Wednesday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, O-I Glass presently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Insiders Place Their Bets

In related news, CEO Gordon Hardie bought 8,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was purchased at an average cost of $13.10 per share, with a total value of $104,800.00. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Darrow A. Abrahams purchased 3,828 shares of O-I Glass stock in a transaction that occurred on Tuesday, August 5th. The stock was bought at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the purchase, the senior vice president directly owned 184,447 shares in the company, valued at $2,407,033.35. This trade represents a 2.12% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.93% of the stock is currently owned by insiders.

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.