Maverick Capital Ltd. Acquires New Shares in O-I Glass, Inc. (NYSE:OI)

Maverick Capital Ltd. bought a new position in shares of O-I Glass, Inc. (NYSE:OI - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 96,318 shares of the industrial products company's stock, valued at approximately $1,264,000. Maverick Capital Ltd. owned 0.06% of O-I Glass as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its position in shares of O-I Glass by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company's stock valued at $78,952,000 after purchasing an additional 573,300 shares during the period. Levin Capital Strategies L.P. grew its position in O-I Glass by 25.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company's stock worth $39,082,000 after purchasing an additional 703,308 shares in the last quarter. Private Management Group Inc. raised its position in O-I Glass by 20.8% during the third quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company's stock valued at $39,698,000 after buying an additional 520,452 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of O-I Glass during the third quarter worth approximately $32,350,000. Finally, Highland Peak Capital LLC acquired a new position in shares of O-I Glass in the third quarter worth $27,132,000. 97.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on OI. Royal Bank of Canada cut their target price on O-I Glass from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Friday, November 1st. Barclays reduced their price target on shares of O-I Glass from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, October 31st. StockNews.com raised shares of O-I Glass from a "sell" rating to a "hold" rating in a report on Tuesday, November 12th. Bank of America raised shares of O-I Glass from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Finally, Citigroup increased their target price on O-I Glass from $14.00 to $15.00 and gave the company a "neutral" rating in a research note on Wednesday, October 2nd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $16.25.

O-I Glass Stock Performance

NYSE OI traded down $0.09 during trading on Friday, hitting $12.60. 930,256 shares of the company's stock traded hands, compared to its average volume of 1,379,164. O-I Glass, Inc. has a 12-month low of $10.08 and a 12-month high of $17.58. The business has a 50 day moving average of $12.69 and a 200-day moving average of $12.20. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -4.57 and a beta of 1.20.

O-I Glass (NYSE:OI - Get Free Report) last announced its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The company's revenue for the quarter was down 3.7% compared to the same quarter last year. As a group, equities research analysts anticipate that O-I Glass, Inc. will post 0.76 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.