Panagora Asset Management Inc. Reduces Position in O-I Glass, Inc. $OI

Key Points

• Panagora Asset Management Inc. reduced its stake in O-I Glass, Inc. by 77.3%, selling 520,675 shares to hold approximately 153,072 shares worth $1,756,000.
• Institutional investors now own 97.24% of O-I Glass stock, with several firms increasing their holdings significantly during the first quarter.
• Analysts have set a consensus price target of $17.00 for O-I Glass, with ratings ranging from "Strong Buy" to "Hold."

Panagora Asset Management Inc. cut its stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 77.3% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 153,072 shares of the industrial products company's stock after selling 520,675 shares during the period. Panagora Asset Management Inc. owned approximately 0.10% of O-I Glass worth $1,756,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Principal Financial Group Inc. lifted its stake in shares of O-I Glass by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 767,260 shares of the industrial products company's stock valued at $8,800,000 after acquiring an additional 17,254 shares during the last quarter. SG Americas Securities LLC increased its holdings in O-I Glass by 117.7% in the 1st quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company's stock valued at $525,000 after acquiring an additional 24,743 shares during the last quarter. American Century Companies Inc. grew its holdings in O-I Glass by 11.0% during the 1st quarter. American Century Companies Inc. now owns 326,153 shares of the industrial products company's stock valued at $3,741,000 after purchasing an additional 32,339 shares during the last quarter. Northern Trust Corp lifted its position in O-I Glass by 8.5% during the fourth quarter. Northern Trust Corp now owns 1,738,277 shares of the industrial products company's stock valued at $18,843,000 after acquiring an additional 135,989 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in O-I Glass by 79.3% in the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 1,142 shares during the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on OI shares. BNP Paribas set a $18.00 target price on O-I Glass in a report on Wednesday, June 25th. Wells Fargo & Company reissued a "mixed" rating on shares of O-I Glass in a research note on Monday, August 4th. UBS Group restated a "buy" rating and issued a $19.00 target price (up from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Truist Financial set a $21.00 target price on O-I Glass and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Bank of America reiterated 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. 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 company's stock. According to MarketBeat.com, O-I Glass currently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Insiders Place Their Bets

In related news, SVP Darrow A. Abrahams bought 3,828 shares of O-I Glass stock in a transaction that occurred on Tuesday, August 5th. The stock was acquired at an average price of $13.05 per share, with a total value of $49,955.40. Following the acquisition, the senior vice president owned 184,447 shares of the company's stock, valued at approximately $2,407,033.35. This represents a 2.12% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Gordon Hardie purchased 8,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was acquired at an average price of $13.10 per share, with a total value of $104,800.00. Following the completion of the transaction, the chief executive officer owned 515,817 shares in the company, valued at approximately $6,757,202.70. This trade represents a 1.58% increase in their position. The disclosure for this purchase can be found here. 1.49% of the stock is currently owned by insiders.

O-I Glass Price Performance

OI stock traded up $0.08 during midday trading on Monday, reaching $12.85. The stock had a trading volume of 586,811 shares, compared to its average volume of 1,549,700. O-I Glass, Inc. has a 52-week low of $9.23 and a 52-week high of $16.04. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -7.78, a price-to-earnings-growth ratio of 0.25 and a beta of 0.93. The company's fifty day simple moving average is $13.91 and its 200 day simple moving average is $12.90. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58.

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

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.