Strs Ohio Purchases Shares of 65,100 O-I Glass, Inc. $OI

Key Points

• Strs Ohio has acquired a new stake in O-I Glass, Inc., purchasing 65,100 shares valued at approximately $747,000 in the first quarter.
• Analysts have upgraded their ratings on O-I Glass, with target prices ranging from $16.00 to $21.00, indicating a consensus rating of "Moderate Buy".
• O-I Glass reported $0.53 earnings per share for the last quarter, surpassing estimates, although revenue decreased by 1.3% year-over-year.

Strs Ohio bought a new stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 65,100 shares of the industrial products company's stock, valued at approximately $747,000.

Several other large investors also recently added to or reduced their stakes in OI. MetLife Investment Management LLC grew its position in O-I Glass by 1,043.3% during the first quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company's stock valued at $12,328,000 after buying an additional 980,758 shares during the period. Nuveen LLC bought a new position in shares of O-I Glass in the first quarter worth approximately $10,738,000. Hawk Ridge Capital Management LP bought a new position in shares of O-I Glass in the first quarter worth approximately $7,085,000. Alliancebernstein L.P. boosted its position in shares of O-I Glass by 20.8% in the first quarter. Alliancebernstein L.P. now owns 2,695,401 shares of the industrial products company's stock worth $30,916,000 after purchasing an additional 464,557 shares during the period. Finally, Advisors Preferred LLC bought a new position in shares of O-I Glass in the first quarter worth approximately $2,775,000. 97.24% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on OI shares. Wells Fargo & Company reiterated a "mixed" rating on shares of O-I Glass in a research report on Monday, August 4th. BNP Paribas Exane started coverage on shares of O-I Glass in a research report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price target for the company. Citigroup upped 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 report on Sunday, June 29th. Finally, UBS Group reissued 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. One research 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's stock. According to data from MarketBeat, O-I Glass currently has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Insider Activity

In other O-I Glass news, CEO Gordon Hardie purchased 8,000 shares of O-I Glass stock in a transaction dated 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 transaction, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Darrow A. Abrahams bought 3,828 shares of O-I Glass stock in a transaction that occurred on Tuesday, August 5th. The stock was 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 owned 184,447 shares of the company's stock, valued at $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 1.49% of the company's stock.

O-I Glass Price Performance

NYSE OI traded up $0.11 on Tuesday, hitting $13.25. The company had a trading volume of 89,199 shares, compared to its average volume of 1,537,620. The company has a market capitalization of $2.04 billion, a PE ratio of -8.05, a PEG ratio of 0.25 and a beta of 0.93. The company's fifty day moving average price is $13.34 and its 200-day moving average price is $13.02. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77. O-I Glass, Inc. has a 12-month low of $9.23 and a 12-month high of $16.04.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.53 EPS for the quarter, topping 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 company had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the firm earned $0.44 EPS. The firm's revenue 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. As a group, analysts predict that O-I Glass, Inc. will post 1.33 earnings per share 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.