Public Sector Pension Investment Board Buys 103,263 Shares of O-I Glass, Inc. $OI

Key Points

• The Public Sector Pension Investment Board increased its stake in O-I Glass, Inc. by 26.8%, owning $5.60 million worth of the company's shares as of the end of the most recent quarter.
• Insider transactions revealed CEO Gordon Hardie purchased 8,000 shares at an average price of $13.10 each, increasing his ownership by 1.58%.
• O-I Glass reported earnings of $0.53 EPS, exceeding analysts' expectations, amidst a 1.3% decline in quarterly revenue compared to the previous year.

Public Sector Pension Investment Board increased its position in O-I Glass, Inc. (NYSE:OI - Free Report) by 26.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 488,598 shares of the industrial products company's stock after buying an additional 103,263 shares during the quarter. Public Sector Pension Investment Board owned 0.32% of O-I Glass worth $5,604,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake 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 worth $30,000 after buying an additional 1,142 shares during the period. Sterling Capital Management LLC increased its stake 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 worth $53,000 after buying an additional 4,343 shares during the period. Point72 Asset Management L.P. purchased a new position in shares of O-I Glass in the fourth quarter worth $89,000. CWM LLC increased its stake in shares of O-I Glass by 623.9% in the first quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock worth $96,000 after buying an additional 7,231 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new position in shares of O-I Glass in the fourth quarter worth $106,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Stock Performance

Shares of OI stock traded up $0.4750 during trading hours on Friday, reaching $13.4950. The company had a trading volume of 211,818 shares, compared to its average volume of 1,540,052. The business has a fifty day moving average price of $14.20 and a 200-day moving average price of $12.78. O-I Glass, Inc. has a one year low of $9.23 and a one year high of $16.04. The firm has a market cap of $2.08 billion, a PE ratio of -8.19, a price-to-earnings-growth ratio of 0.25 and a beta of 0.92. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.77 and a current ratio of 1.24.

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

Insider Buying and Selling

In other news, CEO Gordon Hardie purchased 8,000 shares of the stock in a transaction on Tuesday, August 5th. The shares were acquired at an average price of $13.10 per share, with a total value of $104,800.00. Following the completion of the acquisition, 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 acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Darrow A. Abrahams purchased 3,828 shares of the stock in a transaction on Tuesday, August 5th. The shares were purchased at an average cost 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 of the company's stock, valued at approximately $2,407,033.35. This represents a 2.12% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.93% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on OI shares. UBS Group reaffirmed 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. Wall Street Zen upgraded shares of O-I Glass from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. Bank of America restated a "neutral" rating and issued a $17.00 price objective (up from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. BNP Paribas set a $18.00 price objective on shares of O-I Glass in a report on Wednesday, June 25th. Finally, Wells Fargo & Company restated a "mixed" rating on shares of O-I Glass in a report on Monday, August 4th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, O-I Glass currently has an average rating of "Moderate Buy" and a consensus target price 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.