Seven Eight Capital LP Takes Position in O-I Glass, Inc. (NYSE:OI)

Seven Eight Capital LP bought a new position in O-I Glass, Inc. (NYSE:OI - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 117,877 shares of the industrial products company's stock, valued at approximately $1,312,000. Seven Eight Capital LP owned 0.08% of O-I Glass at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of O-I Glass during the fourth quarter valued at about $27,562,000. Levin Capital Strategies L.P. lifted its stake in shares of O-I Glass by 66.0% in the 1st quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company's stock worth $46,586,000 after acquiring an additional 1,116,340 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new stake in O-I Glass in the first quarter worth approximately $14,603,000. Dimensional Fund Advisors LP grew its stake 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 worth $78,952,000 after purchasing an additional 573,300 shares during the last quarter. Finally, Private Management Group Inc. lifted its holdings in shares of O-I Glass by 21.3% during the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company's stock valued at $27,884,000 after purchasing an additional 439,838 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director John Humphrey purchased 15,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average price of $11.30 per share, with a total value of $169,500.00. Following the purchase, the director now directly owns 84,227 shares in the company, valued at $951,765.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.49% of the company's stock.

O-I Glass Stock Performance

OI traded down $0.46 during midday trading on Friday, reaching $12.96. The company's stock had a trading volume of 911,851 shares, compared to its average volume of 1,732,300. O-I Glass, Inc. has a twelve month low of $10.08 and a twelve month high of $18.08. The stock has a market cap of $2.02 billion, a P/E ratio of -8.44, a PEG ratio of 1.72 and a beta of 1.17. The company has a fifty day simple moving average of $12.08 and a 200 day simple moving average of $13.15. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85.

O-I Glass (NYSE:OI - Get Free Report) last released its earnings results on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.43 by $0.01. The firm had revenue of $1.73 billion during the quarter, compared to analysts' expectations of $1.77 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The business's quarterly revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.88 EPS. Research analysts expect that O-I Glass, Inc. will post 1.13 earnings per share for the current year.

Analysts Set New Price Targets

OI has been the topic of a number of recent analyst reports. Truist Financial restated a "buy" rating and set a $16.00 price target (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Barclays decreased their price objective on O-I Glass from $15.00 to $14.00 and set an "equal weight" rating for the company in a research report on Thursday, August 1st. StockNews.com raised shares of O-I Glass from a "sell" rating to a "hold" rating in a research report on Thursday, August 1st. UBS Group decreased their target price on shares of O-I Glass from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, July 17th. Finally, Robert W. Baird cut their price objective on O-I Glass from $22.00 to $18.00 and set an "outperform" rating for the company in a report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $16.25.

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.