Beaconlight Capital LLC Makes New $1.35 Million Investment in O-I Glass, Inc. $OI

Beaconlight Capital LLC purchased a new stake in shares of O-I Glass, Inc. (NYSE:OI) during the second quarter, Holdings Channel reports. The fund purchased 91,460 shares of the industrial products company’s stock, valued at approximately $1,348,000. O-I Glass accounts for approximately 0.8% of Beaconlight Capital LLC’s investment portfolio, making the stock its 25th largest holding.

Several other hedge funds and other institutional investors also recently made changes to their positions in OI. Alliancebernstein L.P. raised its holdings in O-I Glass by 194.6% in the 2nd quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock valued at $117,033,000 after buying an additional 5,244,440 shares during the last quarter. Bank of America Corp DE increased its position in O-I Glass by 222.6% in the 2nd quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock valued at $32,520,000 after acquiring an additional 1,522,384 shares during the period. Charles Schwab Investment Management Inc. increased its position in O-I Glass by 7.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,992,887 shares of the industrial products company’s stock valued at $22,858,000 after acquiring an additional 144,030 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of O-I Glass by 6.6% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,620,015 shares of the industrial products company’s stock worth $18,582,000 after purchasing an additional 100,000 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of O-I Glass by 123.8% during the second quarter. JPMorgan Chase & Co. now owns 1,145,980 shares of the industrial products company’s stock worth $16,892,000 after purchasing an additional 633,875 shares during the period. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Stock Performance

Shares of OI stock opened at $15.43 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36. O-I Glass, Inc. has a 52 week low of $9.23 and a 52 week high of $16.04. The firm has a 50 day moving average of $12.82 and a 200-day moving average of $13.38. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -16.41, a price-to-earnings-growth ratio of 0.23 and a beta of 0.78.

O-I Glass (NYSE:OI) last issued its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share (EPS) for the quarter. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. The business had revenue of $1.59 billion for the quarter. On average, equities analysts forecast that O-I Glass, Inc. will post 1.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on OI. Truist Financial lowered their target price on O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Wall Street Zen upgraded O-I Glass from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $14.00 to $17.00 in a research note on Monday, November 17th. Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 25th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of O-I Glass in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.67.

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.