Victory Capital Management Inc. Grows Stock Holdings in O-I Glass, Inc. (NYSE:OI)

Key Points

• Victory Capital Management Inc. has increased its stake in O-I Glass, Inc. by 148.1%, now owning approximately 0.22% of the company with a total of 345,667 shares valued at about $3.97 million.
• Several hedge funds have increased their positions in O-I Glass, with notable increases of 807.2% and 623.9% from Sterling Capital Management LLC and CWM LLC, respectively, indicating strong institutional interest in the stock.
• O-I Glass reported $0.40 EPS for its latest quarter, significantly beating analysts' estimates, and has received multiple buy ratings from analysts with a consensus target price of $17.20.

Victory Capital Management Inc. increased its stake in shares of O-I Glass, Inc. (NYSE:OI - Free Report) by 148.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 345,667 shares of the industrial products company's stock after purchasing an additional 206,365 shares during the period. Victory Capital Management Inc. owned approximately 0.22% of O-I Glass worth $3,965,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. GAMMA Investing LLC increased its position in 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 in the last quarter. 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 purchasing an additional 4,343 shares in the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of O-I Glass in the fourth quarter worth $86,000. Point72 Asset Management L.P. purchased a new stake in shares of O-I Glass in the fourth quarter worth $89,000. Finally, 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 purchasing an additional 7,231 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Price Performance

OI opened at $14.55 on Monday. The company has a 50-day moving average of $14.23 and a 200-day moving average of $12.50. The company has a market capitalization of $2.25 billion, a P/E ratio of -11.54, a PEG ratio of 0.30 and a beta of 0.97. O-I Glass, Inc. has a 1-year low of $9.23 and a 1-year high of $16.04. The company has a debt-to-equity ratio of 3.83, a quick ratio of 0.73 and a current ratio of 1.24.

O-I Glass (NYSE:OI - Get Free Report) last posted its earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.22. The firm had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. O-I Glass had a negative net margin of 2.98% and a positive return on equity of 8.48%. O-I Glass's revenue was up .4% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 EPS. Equities analysts expect that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

Analysts Set New Price Targets

OI has been the subject of several research analyst reports. UBS Group reaffirmed a "buy" rating and set a $19.00 target price (up from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Truist Financial set a $21.00 price target on O-I Glass and gave the stock a "buy" rating in a research report on Friday, July 11th. Wall Street Zen upgraded O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Barclays increased their price target on O-I Glass from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company downgraded O-I Glass from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $16.00 to $15.00 in a report on Friday, July 18th. Four research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $17.20.

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.

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