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

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in shares of 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 period. Caitong International Asset Management Co. Ltd bought a new position in shares of O-I Glass in the 1st quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of O-I Glass in the 1st quarter worth $85,000. Point72 Asset Management L.P. bought a new position in shares of O-I Glass during the 4th quarter valued at $89,000. Finally, CWM LLC grew its holdings in shares of O-I Glass by 623.9% during the 1st quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock valued at $96,000 after purchasing an additional 7,231 shares during the last quarter. Institutional investors own 97.24% of the company's stock.

Insider Buying and Selling

In other O-I Glass news, CEO Gordon Hardie bought 8,000 shares of O-I Glass stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost 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 in the company, valued at approximately $6,757,202.70. This represents a 1.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Darrow A. Abrahams purchased 3,828 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price of $13.05 per share, with a total value of $49,955.40. Following the completion of the transaction, the senior vice president owned 184,447 shares of the company's stock, valued at approximately $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. 1.49% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on OI. UBS Group reissued a "buy" rating and issued a $19.00 price target (up previously from $17.00) on shares of O-I Glass in a report on Wednesday, July 9th. Bank of America reaffirmed 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. 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. Truist Financial set a $21.00 target price on shares of O-I Glass and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Citigroup boosted their price objective 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 analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.00.

O-I Glass Stock Down 0.6%

O-I Glass stock traded down $0.08 during trading hours on Tuesday, hitting $12.88. The stock had a trading volume of 144,100 shares, compared to its average volume of 1,544,668. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58. The stock has a market capitalization of $1.98 billion, a P/E ratio of -7.79, a price-to-earnings-growth ratio of 0.25 and a beta of 0.93. O-I Glass, Inc. has a 12-month low of $9.23 and a 12-month high of $16.04. The stock's 50-day moving average price is $13.88 and its 200-day moving average price is $12.92.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, beating 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 firm had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same period in the previous year, the company earned $0.44 earnings per share. The firm's quarterly revenue 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. Equities research analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

O-I Glass 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.