Converium Capital Inc. Takes Position in O-I Glass, Inc. $OI

Converium Capital Inc. acquired a new position in O-I Glass, Inc. (NYSE:OI) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 225,000 shares of the industrial products company’s stock, valued at approximately $2,365,000. O-I Glass makes up about 1.5% of Converium Capital Inc.’s investment portfolio, making the stock its 11th biggest position.

Other large investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC grew its position in O-I Glass by 87.6% in the fourth quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 830 shares in the last quarter. Headlands Technologies LLC acquired a new stake in O-I Glass in the 2nd quarter valued at $29,000. Quarry LP bought a new stake in O-I Glass during the 4th quarter worth about $32,000. Caitong International Asset Management Co. Ltd lifted its position in O-I Glass by 36,533.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,198 shares of the industrial products company’s stock worth $32,000 after buying an additional 2,192 shares in the last quarter. Finally, State of Wyoming bought a new stake in O-I Glass during the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on OI shares. Citigroup reduced their price objective on shares of O-I Glass from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Friday. Weiss Ratings lowered O-I Glass from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. Truist Financial dropped their target price on O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday. Royal Bank Of Canada reduced their price target on O-I Glass from $14.00 to $11.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. Finally, Robert W. Baird set a $13.00 price target on O-I Glass in a research note on Thursday. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, O-I Glass currently has an average rating of “Hold” and a consensus target price of $10.56.

O-I Glass Stock Performance

OI opened at $7.17 on Friday. O-I Glass, Inc. has a 12-month low of $7.01 and a 12-month high of $16.91. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of -0.95, a PEG ratio of 0.89 and a beta of 0.62. The business has a 50 day moving average of $8.98 and a 200-day moving average of $11.05. The company has a quick ratio of 0.73, a current ratio of 1.26 and a debt-to-equity ratio of 8.89.

O-I Glass (NYSE:OI) last issued its earnings results on Tuesday, July 28th. The industrial products company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.15). The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The business’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 earnings per share. On average, equities research analysts expect that O-I Glass, Inc. will post 1.14 earnings per share for the current year.

Trending Headlines about O-I Glass

Here are the key news stories impacting O-I Glass this week:

• Positive Sentiment: Analysts remain constructive on O-I Glass’s longer-term valuation. UBS maintained a “buy” rating with an $11 price target, while Truist also kept a “buy” rating with a $10 target—representing substantial potential upside from recent levels. O-I Glass Price Target Lowered to $11.00 at UBS Group
• Positive Sentiment: Zacks cited solid end-market demand and innovation-focused product development as potential growth drivers for the glass-products industry, which could benefit O-I Glass over time. 2 Glass Products Stocks to Watch in a Promising Industry
• Neutral Sentiment: Citigroup lowered its price target from $10 to $8 and moved to a “neutral” rating. Although the revised target still implies upside, the reduction reflects more cautious expectations following the earnings update. Citigroup O-I Glass Price Target Update
• Negative Sentiment: Second-quarter adjusted earnings were $0.09 per share, below the $0.24 consensus estimate and down from $0.53 a year earlier. Revenue of $1.67 billion also slightly missed estimates and fell 2.2% year over year, with weakness in Europe contributing to the shortfall. O-I Glass Shares Sink After Europe Weakness Drives Earnings Miss
• Negative Sentiment: An $873 million goodwill impairment produced a large second-quarter net loss and intensified concerns about the company’s European operations and balance sheet, which already carries high leverage. O-I Glass Is Down After Goodwill Impairment Triggers Large Q2 Net Loss
• Negative Sentiment: O-I Glass cut full-year guidance for the second consecutive quarter, raising worries about execution and near-term cash flow. The guidance reduction has also prompted an investor investigation notice, adding legal and reputational risk. O-I Glass Investigation Notice

Insider Buying and Selling at O-I Glass

In related news, SVP Eduardo Restrepo acquired 3,309 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $8.98 per share, for a total transaction of $29,714.82. Following the completion of the acquisition, the senior vice president directly owned 94,199 shares in the company, valued at approximately $845,907.02. This trade represents a 3.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Randolph L. Burns acquired 11,000 shares of the company’s stock in a transaction dated Friday, May 8th. The stock was bought at an average cost of $9.32 per share, for a total transaction of $102,520.00. Following the completion of the transaction, the senior vice president directly owned 133,932 shares of the company’s stock, valued at approximately $1,248,246.24. This trade represents a 8.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired 17,083 shares of company stock valued at $157,312 in the last quarter. 1.00% of the stock is currently owned by insiders.

O-I Glass Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.