Readystate Asset Management LP Makes New Investment in O-I Glass, Inc. $OI

Readystate Asset Management LP purchased a new position in shares of O-I Glass, Inc. (NYSE:OI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 84,079 shares of the industrial products company’s stock, valued at approximately $810,000.

Several other institutional investors have also recently made changes to their positions in OI. Headlands Technologies LLC purchased a new stake in O-I Glass in the second quarter worth about $29,000. Quarry LP purchased a new position in O-I Glass during the 4th quarter valued at about $32,000. Caitong International Asset Management Co. Ltd increased 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 valued at $32,000 after purchasing an additional 2,192 shares during the period. State of Wyoming bought a new stake in shares of O-I Glass in the 2nd quarter valued at about $35,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of O-I Glass by 64.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 918 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

Analyst Upgrades and Downgrades

OI has been the topic of a number of recent research reports. Truist Financial dropped their price objective on shares of O-I Glass from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, July 30th. UBS Group reduced their price objective on shares of O-I Glass from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Weiss Ratings upgraded O-I Glass from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, August 14th. Wells Fargo & Company lowered their target price on O-I Glass from $13.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, July 15th. Finally, Bank of America reiterated an “underperform” rating and issued a $11.00 price target on shares of O-I Glass in a report on Tuesday, July 14th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $10.31.

O-I Glass Stock Up 0.1%

NYSE:OI opened at $7.15 on Tuesday. The company’s 50-day simple moving average is $8.05 and its 200-day simple moving average is $9.46. The company has a debt-to-equity ratio of 8.89, a quick ratio of 0.77 and a current ratio of 1.26. O-I Glass, Inc. has a fifty-two week low of $6.29 and a fifty-two week high of $16.91. The stock has a market capitalization of $1.10 billion, a P/E ratio of -0.95, a P/E/G ratio of 2.54 and a beta of 0.66.

O-I Glass (NYSE:OI) last posted its quarterly earnings data 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). O-I Glass had a positive return on equity of 10.40% and a negative net margin of 18.13%.The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.68 billion. During the same quarter last year, the firm earned $0.53 EPS. The company’s revenue was down 2.2% compared to the same quarter last year. On average, equities analysts anticipate that O-I Glass, Inc. will post 0.39 earnings per share for the current fiscal year.

O-I Glass Company 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.