Convergence Investment Partners LLC Invests $868,000 in O-I Glass, Inc. $OI

Convergence Investment Partners LLC purchased a new stake in O-I Glass, Inc. (NYSE:OI) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 58,863 shares of the industrial products company’s stock, valued at approximately $868,000.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in O-I Glass by 79.3% in the 1st quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 1,142 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in O-I Glass in the 1st quarter valued at $30,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in O-I Glass in the 1st quarter valued at $85,000. AlphaQuest LLC boosted its holdings in O-I Glass by 1,392.5% in the 2nd quarter. AlphaQuest LLC now owns 7,716 shares of the industrial products company’s stock valued at $114,000 after purchasing an additional 7,199 shares during the period. Finally, CWM LLC boosted its holdings in O-I Glass by 623.9% in the 1st quarter. CWM LLC now owns 8,390 shares of the industrial products company’s stock valued at $96,000 after purchasing an additional 7,231 shares during the period. 97.24% of the stock is owned by institutional investors.

O-I Glass Trading Down 2.7%

Shares of O-I Glass stock opened at $12.26 on Tuesday. The stock has a market capitalization of $1.89 billion, a P/E ratio of -7.43, a price-to-earnings-growth ratio of 0.24 and a beta of 0.93. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58. The company has a 50-day simple moving average of $12.69 and a 200 day simple moving average of $13.21. O-I Glass, Inc. has a 12-month low of $9.23 and a 12-month high of $16.04.

O-I Glass (NYSE:OI) last announced its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share (EPS) for the quarter. The business had revenue of $1.59 billion during the quarter. O-I Glass had a negative net margin of 3.95% and a positive return on equity of 13.70%. Research analysts expect that O-I Glass, Inc. will post 1.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have weighed in on OI shares. Wall Street Zen downgraded shares of O-I Glass from a “buy” rating to a “hold” rating in a report on Friday, October 3rd. UBS Group restated a “buy” rating and issued a $19.00 price objective (up previously from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. Citigroup increased their price objective on shares of O-I Glass from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, July 3rd. Truist Financial dropped their price objective on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research note on Monday, October 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, O-I Glass currently has a consensus rating of “Moderate Buy” and an average price target of $16.56.

Insider Transactions at O-I Glass

In related news, CEO Gordon Hardie acquired 8,000 shares of the stock in a transaction on Tuesday, August 5th. The stock was purchased at an average price of $13.10 per share, for a total transaction of $104,800.00. Following the transaction, the chief executive officer owned 515,817 shares of the company’s stock, valued at $6,757,202.70. The trade was a 1.58% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Darrow A. Abrahams acquired 3,828 shares of the stock in a transaction on Tuesday, August 5th. The stock was bought at an average price of $13.05 per share, with a total value of $49,955.40. Following the transaction, the senior vice president directly owned 184,447 shares in the company, valued at approximately $2,407,033.35. This represents a 2.12% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.49% of the company’s stock.

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.