Levin Capital Strategies L.P. Has $30.20 Million Position in O-I Glass, Inc. $OI

Levin Capital Strategies L.P. reduced its position in shares of O-I Glass, Inc. (NYSE:OI) by 3.5% in the 3rd quarter, Holdings Channel reports. The firm owned 2,328,504 shares of the industrial products company’s stock after selling 85,585 shares during the period. O-I Glass accounts for approximately 2.7% of Levin Capital Strategies L.P.’s holdings, making the stock its 8th largest position. Levin Capital Strategies L.P.’s holdings in O-I Glass were worth $30,201,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in OI. Vanguard Group Inc. grew its position in O-I Glass by 3.7% during the third quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock valued at $250,959,000 after buying an additional 691,989 shares during the period. State of New Jersey Common Pension Fund D increased its holdings in O-I Glass by 14.4% during the third quarter. State of New Jersey Common Pension Fund D now owns 163,369 shares of the industrial products company’s stock valued at $2,119,000 after buying an additional 20,576 shares during the last quarter. Public Sector Pension Investment Board boosted its stake in shares of O-I Glass by 29.1% in the third quarter. Public Sector Pension Investment Board now owns 680,559 shares of the industrial products company’s stock worth $8,827,000 after acquiring an additional 153,199 shares during the period. Illinois Municipal Retirement Fund grew its stake in shares of O-I Glass by 7.1% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 83,223 shares of the industrial products company’s stock worth $1,079,000 after buying an additional 5,482 shares in the last quarter. Finally, Bryce Point Capital LLC bought a new position in O-I Glass during the third quarter valued at $533,000. Institutional investors and hedge funds own 97.24% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on OI. Zacks Research downgraded shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of O-I Glass in a research note on Thursday, January 15th. Citigroup lowered their target price on shares of O-I Glass from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Thursday, February 12th. Robert W. Baird set a $20.00 price target on O-I Glass in a report on Thursday, February 12th. Finally, Truist Financial lifted their price target on O-I Glass from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Tuesday, January 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, O-I Glass currently has an average rating of “Moderate Buy” and a consensus target price of $18.22.

O-I Glass Price Performance

NYSE OI opened at $14.97 on Thursday. O-I Glass, Inc. has a twelve month low of $9.23 and a twelve month high of $16.91. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.77 and a current ratio of 1.25. The stock has a 50-day simple moving average of $15.34 and a 200 day simple moving average of $13.73. The stock has a market capitalization of $2.28 billion, a PE ratio of -17.82, a P/E/G ratio of 0.66 and a beta of 0.78.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.52 billion. During the same quarter in the previous year, the business earned ($0.05) EPS. The firm’s revenue was down 1.9% on a year-over-year basis. Research analysts anticipate that O-I Glass, Inc. will post 1.33 EPS for the current year.

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.