Private Management Group Inc. Has $32.90 Million Holdings in O-I Glass, Inc. (NYSE:OI)

Key Points

• Private Management Group Inc. increased its stake in O-I Glass, Inc. by 1.1%, owning 2,868,100 shares valued at approximately $32.90 million.
• Institutional investors control 97.24% of O-I Glass's stock, with several firms making significant purchases in the first quarter.
• O-I Glass reported a quarterly earnings per share (EPS) of $0.40, exceeding analyst expectations and forecasting an EPS of 1.33 for the current fiscal year.

Private Management Group Inc. grew its holdings in O-I Glass, Inc. (NYSE:OI - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,868,100 shares of the industrial products company's stock after purchasing an additional 29,827 shares during the quarter. O-I Glass comprises 1.2% of Private Management Group Inc.'s portfolio, making the stock its 22nd biggest holding. Private Management Group Inc. owned approximately 1.85% of O-I Glass worth $32,897,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OI. GAMMA Investing LLC lifted its stake in O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock worth $30,000 after purchasing an additional 1,142 shares during the period. Sterling Capital Management LLC increased its holdings in shares of O-I Glass by 807.2% in the fourth quarter. Sterling Capital Management LLC now owns 4,881 shares of the industrial products company's stock valued at $53,000 after purchasing an additional 4,343 shares in the last quarter. New Age Alpha Advisors LLC acquired a new stake in O-I Glass during the 4th quarter worth $86,000. Point72 Asset Management L.P. acquired a new stake in O-I Glass during the 4th quarter worth $89,000. Finally, CWM LLC grew its holdings in O-I Glass by 623.9% during the 1st quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock worth $96,000 after acquiring an additional 7,231 shares during the period. Institutional investors own 97.24% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Barclays lifted their price target on shares of O-I Glass from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Citigroup lifted 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 report on Thursday, July 3rd. Wall Street Zen raised shares of O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. BNP Paribas set a $18.00 price target on shares of O-I Glass in a research report on Wednesday, June 25th. Finally, Truist Financial set a $21.00 price target on shares of O-I Glass and gave the stock a "buy" rating in a research report on Friday, July 11th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, O-I Glass currently has a consensus rating of "Moderate Buy" and an average target price of $17.20.

O-I Glass Stock Up 0.0%

NYSE:OI traded up $0.01 on Tuesday, hitting $14.41. 527,465 shares of the company's stock were exchanged, compared to its average volume of 1,496,350. The firm has a 50-day moving average price of $14.25 and a 200-day moving average price of $12.53. The company has a debt-to-equity ratio of 3.83, a current ratio of 1.24 and a quick ratio of 0.73. 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 $2.23 billion, a P/E ratio of -11.43, a price-to-earnings-growth ratio of 0.30 and a beta of 0.97.

O-I Glass (NYSE:OI - Get Free Report) last issued its earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.22. O-I Glass had a negative net margin of 2.98% and a positive return on equity of 8.48%. The company had revenue of $1.57 billion for the quarter, compared to analysts' expectations of $1.55 billion. During the same period in the prior year, the firm earned $0.45 EPS. O-I Glass's quarterly revenue was up .4% compared to the same quarter last year. As a group, analysts expect 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.