Castleark Management LLC Acquires Shares of 335,260 O-I Glass, Inc. $OI

Castleark Management LLC bought a new position in shares of O-I Glass, Inc. (NYSE:OI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 335,260 shares of the industrial products company’s stock, valued at approximately $4,942,000. Castleark Management LLC owned 0.22% of O-I Glass as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently modified their holdings of the company. Alliancebernstein L.P. increased its holdings in O-I Glass by 194.6% during the 2nd quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock worth $117,033,000 after purchasing an additional 5,244,440 shares during the period. Bank of America Corp DE increased its stake in shares of O-I Glass by 222.6% during the second quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock valued at $32,520,000 after buying an additional 1,522,384 shares during the period. MetLife Investment Management LLC increased its stake in shares of 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 stake in shares of O-I Glass in the first quarter valued at about $10,738,000. Finally, JPMorgan Chase & Co. lifted its stake in O-I Glass by 123.8% in the second quarter. JPMorgan Chase & Co. now owns 1,145,980 shares of the industrial products company’s stock worth $16,892,000 after acquiring an additional 633,875 shares during the period. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Price Performance

Shares of OI stock opened at $15.43 on Monday. 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 capitalization of $2.37 billion, a price-to-earnings ratio of -16.41, a PEG ratio of 0.24 and a beta of 0.78. The company has a debt-to-equity ratio of 3.36, a quick ratio of 0.84 and a current ratio of 1.33. The stock’s 50-day simple moving average is $12.82 and its 200-day simple moving average is $13.38.

O-I Glass (NYSE:OI) last released its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. The company had revenue of $1.59 billion during the quarter. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. As a group, equities analysts forecast that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 25th. Wall Street Zen raised shares of O-I Glass from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and increased their target price for the company from $14.00 to $17.00 in a research report on Monday, November 17th. Truist Financial reduced their price target on O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Finally, Wells Fargo & Company lifted their target price on O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.67.

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.