Strs Ohio Invests $747,000 in 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 position in shares of O-I Glass, Inc. (NYSE:OI - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 65,100 shares of the industrial products company's stock, valued at approximately $747,000.

A number of other hedge funds have also recently modified their holdings of OI. MetLife Investment Management LLC grew its holdings in shares of O-I Glass by 1,043.3% in 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 purchasing an additional 980,758 shares during the period. Nuveen LLC acquired a new position in O-I Glass in the first quarter valued at about $10,738,000. Hawk Ridge Capital Management LP acquired a new position in O-I Glass in the first quarter valued at about $7,085,000. Alliancebernstein L.P. lifted its position in shares of O-I Glass by 20.8% during 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 in the last quarter. Finally, Advisors Preferred LLC acquired a new stake in shares of O-I Glass during the first quarter worth about $2,775,000. Hedge funds and other institutional investors own 97.24% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In related news, SVP Darrow A. Abrahams purchased 3,828 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price 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 in the company, valued at $2,407,033.35. The trade was a 2.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Gordon Hardie purchased 8,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was bought at an average price of $13.10 per share, with a total value of $104,800.00. Following the acquisition, the chief executive officer 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 disclosure for this purchase can be found here. 0.93% of the stock is currently owned by corporate insiders.

O-I Glass Trading Down 0.1%

Shares of NYSE OI traded down $0.02 on Monday, reaching $13.12. 464,293 shares of the company traded hands, compared to its average volume of 1,540,351. O-I Glass, Inc. has a fifty-two week low of $9.23 and a fifty-two week high of $16.04. The company has a 50 day moving average of $13.39 and a 200 day moving average of $13.01. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The stock has a market capitalization of $2.02 billion, a PE ratio of -7.95, a P/E/G ratio of 0.25 and a beta of 0.93.

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 EPS 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 company 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 posted $0.44 EPS. The company's quarterly 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. On average, equities research analysts forecast that O-I Glass, Inc. will post 1.33 earnings per share 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.