SummerHaven Investment Management LLC Purchases 1,204 Shares of O-I Glass, Inc. (NYSE:OI)

SummerHaven Investment Management LLC lifted its position in O-I Glass, Inc. (NYSE:OI) by 1.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 75,226 shares of the industrial products company’s stock after buying an additional 1,204 shares during the period. SummerHaven Investment Management LLC’s holdings in O-I Glass were worth $863,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in OI. Highland Peak Capital LLC increased its position in shares of O-I Glass by 87.5% during the fourth quarter. Highland Peak Capital LLC now owns 3,877,259 shares of the industrial products company’s stock valued at $42,029,000 after acquiring an additional 1,809,237 shares in the last quarter. Cooper Creek Partners Management LLC increased its holdings in shares of O-I Glass by 18.2% in the 4th quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company’s stock worth $120,132,000 after purchasing an additional 1,705,216 shares in the last quarter. Millennium Management LLC increased its holdings in shares of O-I Glass by 251.7% in the 4th quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company’s stock worth $15,806,000 after purchasing an additional 1,043,570 shares in the last quarter. Mesirow Institutional Investment Management Inc. purchased a new position in shares of O-I Glass in the fourth quarter worth $10,885,000. Finally, Boothbay Fund Management LLC lifted its holdings in shares of O-I Glass by 213.3% during the fourth quarter. Boothbay Fund Management LLC now owns 1,218,593 shares of the industrial products company’s stock valued at $13,210,000 after purchasing an additional 829,662 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

O-I Glass Trading Up 2.5%

Shares of O-I Glass stock opened at $13.99 on Thursday. O-I Glass, Inc. has a 1-year low of $9.23 and a 1-year high of $14.34. The company’s fifty day simple moving average is $12.40 and its 200-day simple moving average is $11.71. The company has a debt-to-equity ratio of 3.78, a current ratio of 1.15 and a quick ratio of 0.70. The stock has a market capitalization of $2.16 billion, a PE ratio of -19.70, a P/E/G ratio of 0.24 and a beta of 0.96.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.22. O-I Glass had a positive return on equity of 8.27% and a negative net margin of 1.62%. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. During the same period in the previous year, the business earned $0.45 earnings per share. O-I Glass’s quarterly revenue was up .4% compared to the same quarter last year. As a group, equities analysts anticipate that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on OI. Royal Bank of Canada reissued an “outperform” rating and issued a $16.00 target price on shares of O-I Glass in a research report on Monday, March 17th. Barclays lifted their price target on shares of O-I Glass from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Friday, May 2nd. Wall Street Zen upgraded shares of O-I Glass from a “hold” rating to a “buy” rating in a research report on Saturday, May 24th. Truist Financial restated a “buy” rating and issued a $16.00 target price (up previously from $13.00) on shares of O-I Glass in a report on Thursday, May 1st. Finally, Citigroup boosted their target price on shares of O-I Glass from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.88.

About O-I Glass

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.