Hourglass Capital LLC Has $1.07 Million Stock Position in O-I Glass, Inc. (NYSE:OI)

Hourglass Capital LLC lifted its position in shares of O-I Glass, Inc. (NYSE:OI) by 2.7% in the third quarter, Holdings Channel reports. The institutional investor owned 81,435 shares of the industrial products company’s stock after acquiring an additional 2,160 shares during the period. Hourglass Capital LLC’s holdings in O-I Glass were worth $1,068,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in O-I Glass by 1.2% in the first quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock valued at $321,220,000 after purchasing an additional 221,823 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in O-I Glass by 33.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 172,565 shares of the industrial products company’s stock valued at $2,264,000 after purchasing an additional 43,724 shares in the last quarter. Private Management Group Inc. raised its stake in O-I Glass by 21.3% in 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 in the last quarter. Huber Capital Management LLC raised its stake in O-I Glass by 200.5% in the second quarter. Huber Capital Management LLC now owns 193,215 shares of the industrial products company’s stock valued at $2,150,000 after purchasing an additional 128,915 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in O-I Glass by 35.3% in the second quarter. American Century Companies Inc. now owns 213,392 shares of the industrial products company’s stock valued at $2,375,000 after purchasing an additional 55,701 shares in the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on OI shares. Wells Fargo & Company dropped their price target on O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday. Robert W. Baird decreased their target price on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Truist Financial reiterated a “buy” rating and issued a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Finally, Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and lifted their target price for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.25.

O-I Glass Stock Performance

Shares of OI stock opened at $12.77 on Thursday. The business’s 50 day simple moving average is $12.65 and its 200 day simple moving average is $12.29. O-I Glass, Inc. has a one year low of $10.08 and a one year high of $17.58. The stock has a market capitalization of $1.97 billion, a PE ratio of -4.63 and a beta of 1.20. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) 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 during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the company earned $0.80 earnings per share. The business’s revenue was down 3.7% on a year-over-year basis. As a group, research analysts forecast that O-I Glass, Inc. will post 0.75 earnings per share for the current year.

O-I Glass 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.