Arrowstreet Capital Limited Partnership Buys 1,030,705 Shares of O-I Glass, Inc. $OI

Arrowstreet Capital Limited Partnership boosted its stake in shares of O-I Glass, Inc. (NYSE:OI) by 32.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,246,337 shares of the industrial products company’s stock after acquiring an additional 1,030,705 shares during the quarter. Arrowstreet Capital Limited Partnership owned 2.77% of O-I Glass worth $44,629,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Investment Advisers lifted its holdings in O-I Glass by 15.6% during the 1st quarter. Cetera Investment Advisers now owns 44,720 shares of the industrial products company’s stock valued at $470,000 after purchasing an additional 6,027 shares during the last quarter. Icon Advisers Inc. Co. increased its holdings in shares of O-I Glass by 7.5% during the first quarter. Icon Advisers Inc. Co. now owns 285,000 shares of the industrial products company’s stock worth $2,995,000 after buying an additional 20,000 shares in the last quarter. First Trust Advisors LP increased its holdings in shares of O-I Glass by 122.7% during the first quarter. First Trust Advisors LP now owns 100,718 shares of the industrial products company’s stock worth $1,059,000 after buying an additional 55,491 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of O-I Glass by 8.6% in the first quarter. Dimensional Fund Advisors LP now owns 9,238,635 shares of the industrial products company’s stock valued at $97,094,000 after acquiring an additional 729,191 shares during the last quarter. Finally, Bessemer Group Inc. raised its stake in shares of O-I Glass by 954.2% in the first quarter. Bessemer Group Inc. now owns 14,200 shares of the industrial products company’s stock valued at $150,000 after acquiring an additional 12,853 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

O-I Glass Stock Up 1.7%

NYSE:OI opened at $9.23 on Tuesday. The stock’s fifty day moving average price is $9.06 and its two-hundred day moving average price is $11.23. O-I Glass, Inc. has a 52-week low of $7.75 and a 52-week high of $16.91. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.73 and a current ratio of 1.26. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -7.57, a P/E/G ratio of 1.10 and a beta of 0.62.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, April 28th. The industrial products company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). O-I Glass had a negative net margin of 2.91% and a positive return on equity of 13.65%. The firm had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.47 billion. During the same quarter in the previous year, the business posted $0.40 earnings per share. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. On average, analysts anticipate that O-I Glass, Inc. will post 1.14 EPS for the current year.

Insider Activity at O-I Glass

In related news, SVP Randolph L. Burns purchased 11,000 shares of the stock in a transaction dated Friday, May 8th. The stock was bought at an average cost of $9.32 per share, with a total value of $102,520.00. Following the purchase, the senior vice president directly owned 133,932 shares in the company, valued at $1,248,246.24. The trade was a 8.95% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Darrow A. Abrahams purchased 2,774 shares of the stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $9.04 per share, with a total value of $25,076.96. Following the completion of the acquisition, the senior vice president directly owned 235,928 shares of the company’s stock, valued at approximately $2,132,789.12. This represents a 1.19% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 17,083 shares of company stock worth $157,312. 1.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Zacks Research upgraded O-I Glass from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Truist Financial cut their price objective on O-I Glass from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Royal Bank Of Canada reduced their price objective on O-I Glass from $14.00 to $11.00 and set an “outperform” rating on the stock in a research note on Thursday, July 9th. Wells Fargo & Company decreased their target price on O-I Glass from $13.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, July 15th. Finally, UBS Group lowered their target price on O-I Glass from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, April 10th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $13.57.

About O-I Glass

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.