Insider Buying: O-I Glass, Inc. (NYSE:OI) CEO Buys 8,000 Shares of Stock

Key Points

• O-I Glass CEO Gordon Hardie purchased 8,000 shares of the company at $13.10 per share, totaling $104,800, increasing his ownership stake by 1.58%.
• The company reported earnings of $0.53 per share for the last quarter, exceeding analysts' expectations of $0.41, while revenue remained flat at $1.70 billion.
• O-I Glass has recently received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and an average price target set at $17.00.

O-I Glass, Inc. (NYSE:OI - Get Free Report) CEO Gordon Hardie acquired 8,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average price of $13.10 per share, with a total value of $104,800.00. Following the completion of the acquisition, the chief executive officer owned 515,817 shares in the company, valued at approximately $6,757,202.70. The trade was a 1.58% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

O-I Glass Stock Performance

NYSE OI traded down $0.41 during trading hours on Monday, hitting $13.01. The company had a trading volume of 179,875 shares, compared to its average volume of 1,560,094. O-I Glass, Inc. has a fifty-two week low of $9.23 and a fifty-two week high of $16.04. The firm has a market cap of $2.00 billion, a P/E ratio of -7.93, a price-to-earnings-growth ratio of 0.26 and a beta of 0.92. The business has a fifty day simple moving average of $14.24 and a 200-day simple moving average of $12.70. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58.

O-I Glass (NYSE:OI - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period last year, the business earned $0.44 EPS. The business's quarterly revenue was down 1.3% on a year-over-year basis. Equities analysts predict that O-I Glass, Inc. will post 1.33 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have weighed in on OI. BNP Paribas set a $18.00 price objective on O-I Glass in a research note on Wednesday, June 25th. UBS Group reaffirmed a "buy" rating and issued a $19.00 price target (up previously from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a research note on Friday, July 11th. Wall Street Zen upgraded O-I Glass from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. Finally, Citigroup boosted their price objective on shares of O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Thursday, July 3rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, O-I Glass has an average rating of "Moderate Buy" and a consensus target price of $17.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its holdings in shares of 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 during the period. Caitong International Asset Management Co. Ltd bought a new stake in shares of O-I Glass in the first quarter worth about $30,000. Sterling Capital Management LLC grew 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 during the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of O-I Glass in the first quarter worth about $85,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of O-I Glass in the fourth quarter worth about $89,000. 97.24% of the stock is owned by institutional investors and hedge funds.

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.