Rhumbline Advisers Has $5.23 Million Stock Position in O-I Glass, Inc. $OI

Key Points

• Rhumbline Advisers reduced its holdings in O-I Glass, Inc. by 6.1% in the first quarter, now owning 456,211 shares valued at approximately $5.23 million.
• O-I Glass reported earnings of $0.53 per share, exceeding estimates of $0.41, while its revenue of $1.70 billion remained flat compared to the previous year.
• Several analysts have set price targets for O-I Glass, with Truist Financial forecasting a target of $21 and UBS Group raising their target from $17 to $19.

Rhumbline Advisers cut its stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 6.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 456,211 shares of the industrial products company's stock after selling 29,521 shares during the period. Rhumbline Advisers owned approximately 0.29% of O-I Glass worth $5,233,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its position 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 valued at $30,000 after buying an additional 1,142 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in O-I Glass during the first quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in O-I Glass during the first quarter valued at $85,000. Point72 Asset Management L.P. acquired a new position in O-I Glass during the fourth quarter valued at $89,000. Finally, CWM LLC raised its position in O-I Glass by 623.9% during the first quarter. CWM LLC now owns 8,390 shares of the industrial products company's stock valued at $96,000 after buying an additional 7,231 shares during the period. 97.24% of the stock is owned by institutional investors and hedge funds.

Insider Activity at O-I Glass

In other O-I Glass news, CEO Gordon Hardie bought 8,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The stock was purchased at an average price of $13.10 per share, for a total transaction of $104,800.00. Following the purchase, the chief executive officer directly owned 515,817 shares in the company, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Darrow A. Abrahams bought 3,828 shares of the firm's stock in a transaction that occurred on Tuesday, August 5th. The shares were acquired at an average price of $13.05 per share, with a total value of $49,955.40. Following the purchase, the senior vice president owned 184,447 shares in the company, valued at $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. 0.93% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on OI shares. Wells Fargo & Company reissued a "mixed" rating on shares of O-I Glass in a research report on Monday, August 4th. Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a research report on Friday, July 11th. BNP Paribas set a $18.00 price target on O-I Glass in a research report on Wednesday, June 25th. Wall Street Zen raised O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Finally, Bank of America reaffirmed a "neutral" rating and issued a $17.00 target price (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

O-I Glass Stock Up 1.7%

Shares of OI traded up $0.21 during trading hours on Thursday, hitting $12.81. 1,034,053 shares of the company were exchanged, compared to its average volume of 1,328,276. The company has a market cap of $1.97 billion, a PE ratio of -7.76, a PEG ratio of 0.24 and a beta of 0.93. The firm's 50 day moving average is $13.43 and its 200-day moving average is $12.98. O-I Glass, Inc. has a 52 week low of $9.23 and a 52 week high of $16.04. 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 announced its earnings results 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 positive return on equity of 13.70% and a negative net margin of 3.95%.The firm had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the company earned $0.44 EPS. The firm's revenue for the quarter was down 1.3% compared to the same quarter last year. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. On average, equities research analysts forecast that O-I Glass, Inc. will post 1.33 EPS 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.