O-I Glass, Inc. (NYSE:OI) Sees Large Increase in Short Interest

Key Points

• Short interest in O-I Glass, Inc. increased by 26.9% in July, totaling 6,990,000 shares or around 4.7% of the company's shares sold short.
• SVP Darrow A. Abrahams and CEO Gordon Hardie made significant stock purchases on August 5th, increasing their ownership by 2.12% and 1.58%, respectively.
• O-I Glass recently reported earnings of $0.53 EPS, exceeding analyst expectations of $0.41 EPS, amid a 1.3% year-over-year revenue decline.

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the target of a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 6,990,000 shares, anincreaseof26.9% from the July 15th total of 5,510,000 shares. Based on an average daily volume of 1,650,000 shares, the short-interest ratio is presently 4.2 days. Currently,4.7% of the shares of the company are sold short. Currently,4.7% of the shares of the company are sold short. Based on an average daily volume of 1,650,000 shares, the short-interest ratio is presently 4.2 days.

Analyst Upgrades and Downgrades

OI has been the subject of several research reports. Truist Financial set a $21.00 price objective on O-I Glass and gave the company a "buy" rating in a report on Friday, July 11th. Citigroup increased their target price on O-I Glass from $14.00 to $16.00 and gave the stock a "neutral" rating in a research report on Thursday, July 3rd. Barclays increased their target price on O-I Glass from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. UBS Group restated a "buy" rating and set a $19.00 target price (up previously from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Finally, BNP Paribas Exane began coverage on O-I Glass in a research report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 target price on the stock. 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 company's stock. Based on data from MarketBeat, O-I Glass has a consensus rating of "Moderate Buy" and an average target price of $17.00.

Insider Buying and Selling at O-I Glass

In other news, CEO Gordon Hardie acquired 8,000 shares of O-I Glass stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost 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. 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 hyperlink. Also, SVP Darrow A. Abrahams acquired 3,828 shares of O-I Glass stock in a transaction on Tuesday, August 5th. The shares were purchased at an average cost of $13.05 per share, with a total value of $49,955.40. Following the completion of the acquisition, the senior vice president owned 184,447 shares of the company's stock, valued at $2,407,033.35. This trade represents a 2.12% increase in their position. The disclosure for this purchase can be found here. 1.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its stake in shares of O-I Glass by 21.5% during the fourth quarter. Wells Fargo & Company MN now owns 175,923 shares of the industrial products company's stock valued at $1,907,000 after buying an additional 31,158 shares during the last quarter. Bank of Montreal Can grew its stake in shares of O-I Glass by 17.9% during the fourth quarter. Bank of Montreal Can now owns 27,781 shares of the industrial products company's stock valued at $301,000 after buying an additional 4,221 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of O-I Glass by 807.2% during the fourth quarter. Sterling Capital Management LLC now owns 4,881 shares of the industrial products company's stock valued at $53,000 after buying an additional 4,343 shares during the last quarter. Barclays PLC grew its stake in shares of O-I Glass by 4.3% during the fourth quarter. Barclays PLC now owns 272,427 shares of the industrial products company's stock valued at $2,954,000 after buying an additional 11,266 shares during the last quarter. Finally, Guggenheim Capital LLC grew its stake in shares of O-I Glass by 9.9% during the fourth quarter. Guggenheim Capital LLC now owns 22,777 shares of the industrial products company's stock valued at $247,000 after buying an additional 2,044 shares during the last quarter. Institutional investors own 97.24% of the company's stock.

O-I Glass Price Performance

Shares of OI stock traded down $0.06 on Wednesday, reaching $13.20. The company's stock had a trading volume of 60,449 shares, compared to its average volume of 1,535,239. 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 has a 12-month low of $9.23 and a 12-month high of $16.04. The company has a market capitalization of $2.03 billion, a P/E ratio of -8.01, a PEG ratio of 0.26 and a beta of 0.92. The stock's 50 day simple moving average is $14.18 and its 200-day simple moving average is $12.83.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.12. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.70 billion. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%.The firm's revenue was down 1.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 earnings per share. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. As a group, equities analysts predict that O-I Glass will post 1.33 earnings per share 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.