Portolan Capital Management LLC Makes New $4.63 Million Investment in O-I Glass, Inc. (NYSE:OI)

Portolan Capital Management LLC bought a new position in O-I Glass, Inc. (NYSE:OI) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 353,166 shares of the industrial products company’s stock, valued at approximately $4,634,000. Portolan Capital Management LLC owned 0.23% of O-I Glass at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Highland Peak Capital LLC bought a new position in O-I Glass during the 3rd quarter worth about $27,132,000. Segall Bryant & Hamill LLC bought a new position in shares of O-I Glass during the third quarter valued at approximately $32,350,000. Maverick Capital Ltd. purchased a new position in O-I Glass during the third quarter valued at approximately $1,264,000. 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 worth $2,264,000 after buying an additional 43,724 shares in the last quarter. Finally, Private Management Group Inc. lifted its holdings in 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 worth $27,884,000 after buying an additional 439,838 shares during the period. Institutional investors own 97.24% of the company’s stock.

O-I Glass Price Performance

Shares of OI opened at $12.54 on Wednesday. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. The company’s fifty day moving average price is $12.68 and its 200-day moving average price is $12.18. O-I Glass, Inc. has a 1-year low of $10.08 and a 1-year high of $17.58. The firm has a market capitalization of $1.94 billion, a PE ratio of -4.54 and a beta of 1.20.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share 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 firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the firm posted $0.80 EPS. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. On average, equities research analysts predict that O-I Glass, Inc. will post 0.76 EPS for the current year.

Analysts Set New Price Targets

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

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.