Convergence Investment Partners LLC Takes Position in O-I Glass, Inc. $OI

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

A number of other large investors have also made changes to their positions in OI. MetLife Investment Management LLC raised its holdings in shares of O-I Glass by 1,043.3% during the first quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company’s stock valued at $12,328,000 after acquiring an additional 980,758 shares during the period. Nuveen LLC purchased a new position in O-I Glass during the first quarter valued at approximately $10,738,000. Hawk Ridge Capital Management LP purchased a new position in O-I Glass during the first quarter valued at approximately $7,085,000. Alliancebernstein L.P. grew its position in O-I Glass by 20.8% during the first quarter. Alliancebernstein L.P. now owns 2,695,401 shares of the industrial products company’s stock valued at $30,916,000 after purchasing an additional 464,557 shares in the last quarter. Finally, Advisors Preferred LLC purchased a new position in O-I Glass during the first quarter valued at approximately $2,775,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

O-I Glass Stock Performance

OI stock opened at $12.26 on Tuesday. 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 market capitalization of $1.89 billion, a price-to-earnings ratio of -7.43, a P/E/G ratio of 0.24 and a beta of 0.93. O-I Glass, Inc. has a 12 month low of $9.23 and a 12 month high of $16.04. The firm has a 50 day moving average of $12.69 and a two-hundred day moving average of $13.21.

O-I Glass (NYSE:OI) last posted its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. The company 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%. As a group, equities analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Gordon Hardie acquired 8,000 shares of O-I Glass stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average cost of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the purchase, the chief executive officer owned 515,817 shares of the company’s stock, valued at $6,757,202.70. This represents a 1.58% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Darrow A. Abrahams acquired 3,828 shares of O-I Glass stock in a transaction dated Tuesday, August 5th. The stock was purchased at an average price of $13.05 per share, with a total value of $49,955.40. Following the completion of the purchase, the senior vice president directly owned 184,447 shares of the company’s stock, valued at $2,407,033.35. The trade was a 2.12% increase in their position. The disclosure for this purchase can be found here. 1.49% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Wall Street Zen downgraded shares of O-I Glass from a “buy” rating to a “hold” rating in a research report on Friday, October 3rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a research report on Wednesday, October 8th. 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. Wells Fargo & Company reaffirmed a “mixed” rating on shares of O-I Glass in a research report on Monday, August 4th. Finally, Bank of America reaffirmed a “neutral” rating and set a $17.00 price objective (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.56.

O-I Glass 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.