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

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

A number of other hedge funds also recently made changes to their positions in OI. Millennium Management LLC lifted its holdings in shares of O-I Glass by 251.7% during the 4th quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company's stock worth $15,806,000 after acquiring an additional 1,043,570 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new stake in shares of O-I Glass during the 4th quarter worth $10,885,000. Boothbay Fund Management LLC lifted its holdings in shares of O-I Glass by 213.3% during the 4th quarter. Boothbay Fund Management LLC now owns 1,218,593 shares of the industrial products company's stock worth $13,210,000 after acquiring an additional 829,662 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of O-I Glass by 9.0% during 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 last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of O-I Glass by 640.0% during the 4th quarter. Marshall Wace LLP now owns 442,608 shares of the industrial products company's stock worth $4,798,000 after acquiring an additional 382,798 shares during the last quarter. 97.24% of the stock is owned by institutional investors.

Insider Transactions at O-I Glass

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

O-I Glass Trading Up 3.9%

NYSE:OI traded up $0.5050 during mid-day trading on Friday, reaching $13.5250. 258,776 shares of the company's stock traded hands, compared to its average volume of 1,540,263. O-I Glass, Inc. has a 12-month low of $9.23 and a 12-month high of $16.04. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of -8.20, a PEG ratio of 0.25 and a beta of 0.92. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77. The company has a 50 day moving average price of $14.20 and a 200-day moving average price of $12.78.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the previous year, the business earned $0.44 EPS. O-I Glass's revenue was down 1.3% compared to the same quarter last year. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. On average, sell-side analysts predict that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have weighed in on OI. Bank of America reissued a "neutral" rating and issued a $17.00 price target (up from $15.00) on shares of O-I Glass in a research note on Wednesday, July 9th. BNP Paribas Exane began coverage on shares of O-I Glass in a research note on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price target for the company. 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. UBS Group reissued a "buy" rating and issued a $19.00 price target (up from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Finally, Citigroup boosted their price target on shares of O-I Glass from $14.00 to $16.00 and gave the stock a "neutral" rating in a research note on Thursday, July 3rd. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $17.00.

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.