Advisors Preferred LLC Raises Stock Holdings in O-I Glass, Inc. $OI

Advisors Preferred LLC raised its holdings in shares of O-I Glass, Inc. (NYSE:OI) by 141.2% in the 3rd quarter, Holdings Channel reports. The firm owned 90,708 shares of the industrial products company’s stock after purchasing an additional 53,101 shares during the quarter. Advisors Preferred LLC’s holdings in O-I Glass were worth $1,176,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in OI. Alliancebernstein L.P. boosted its position 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 period. Bank of America Corp DE grew its stake in O-I Glass by 222.6% in the second quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock worth $32,520,000 after purchasing an additional 1,522,384 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in O-I Glass during the 3rd quarter worth $18,496,000. Assenagon Asset Management S.A. increased its holdings in O-I Glass by 181.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,249,473 shares of the industrial products company’s stock worth $16,206,000 after purchasing an additional 806,059 shares during the period. Finally, Vanguard Group Inc. raised its position in O-I Glass by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock valued at $250,959,000 after purchasing an additional 691,989 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OI has been the subject of a number of research reports. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.00 to $17.00 in a research note on Monday, November 17th. UBS Group reaffirmed a “buy” rating and issued a $21.00 price target on shares of O-I Glass in a research report on Thursday, February 12th. Citigroup cut their price objective on shares of O-I Glass from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Thursday, February 12th. Robert W. Baird set a $20.00 price objective on shares of O-I Glass in a research note on Thursday, February 12th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of O-I Glass in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.22.

O-I Glass Price Performance

Shares of OI stock opened at $15.37 on Friday. O-I Glass, Inc. has a fifty-two week low of $9.23 and a fifty-two week 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 firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of -18.29, a PEG ratio of 0.70 and a beta of 0.78. The stock’s 50-day simple moving average is $15.34 and its 200-day simple moving average is $13.77.

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