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

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Nuveen LLC acquired a new position in shares of O-I Glass during the 1st quarter valued at about $10,738,000. Charles Schwab Investment Management Inc. boosted its position in shares of O-I Glass by 7.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,992,887 shares of the industrial products company's stock valued at $22,858,000 after acquiring an additional 144,030 shares during the last quarter. Levin Capital Strategies L.P. boosted its position in shares of O-I Glass by 6.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 2,915,106 shares of the industrial products company's stock valued at $33,436,000 after acquiring an additional 164,669 shares during the last quarter. IPG Investment Advisors LLC boosted its position in shares of O-I Glass by 11.4% during the 1st quarter. IPG Investment Advisors LLC now owns 2,050,708 shares of the industrial products company's stock valued at $23,522,000 after acquiring an additional 210,040 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of O-I Glass by 4.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 52,337 shares of the industrial products company's stock valued at $600,000 after acquiring an additional 2,104 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on OI. BNP Paribas set a $18.00 target price on shares of O-I Glass in a research report on Wednesday, June 25th. Wells Fargo & Company reaffirmed a "mixed" rating on shares of O-I Glass in a report on Monday, August 4th. UBS Group reaffirmed a "buy" rating and issued a $19.00 target price (up previously from $17.00) on shares of O-I Glass in a report on Wednesday, July 9th. BNP Paribas Exane initiated coverage on shares of O-I Glass in a report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 price objective on the stock. Finally, Barclays raised their price objective on shares of O-I Glass from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Insider Buying and Selling at O-I Glass

In related news, SVP Darrow A. Abrahams bought 3,828 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were bought at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following 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 purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gordon Hardie bought 8,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 515,817 shares in the company, valued at approximately $6,757,202.70. This represents a 1.58% increase in their position. The disclosure for this purchase can be found here. 0.93% of the stock is currently owned by insiders.

O-I Glass Stock Performance

NYSE:OI traded up $0.1750 during midday trading on Thursday, reaching $13.1150. The stock had a trading volume of 446,668 shares, compared to its average volume of 1,545,250. The firm has a fifty day simple moving average of $14.21 and a two-hundred day simple moving average of $12.77. O-I Glass, Inc. has a 12-month low of $9.23 and a 12-month high of $16.04. 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 cap of $2.02 billion, a P/E ratio of -7.94, a P/E/G ratio of 0.25 and a beta of 0.92.

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 for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.70 billion. During the same period last year, the firm posted $0.44 EPS. O-I Glass'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. On average, equities analysts expect that O-I Glass, Inc. will post 1.33 EPS for the current year.

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.