Levin Capital Strategies L.P. Purchases 600,239 Shares of O-I Glass, Inc. (NYSE:OI)

Levin Capital Strategies L.P. lifted its position in shares of O-I Glass, Inc. (NYSE:OI) by 55.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 1,691,765 shares of the industrial products company’s stock after acquiring an additional 600,239 shares during the quarter. O-I Glass makes up about 3.0% of Levin Capital Strategies L.P.’s investment portfolio, making the stock its 7th biggest position. Levin Capital Strategies L.P.’s holdings in O-I Glass were worth $27,711,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in OI. Covestor Ltd increased its position in O-I Glass by 259.7% in the third quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock worth $28,000 after buying an additional 1,205 shares during the period. Signaturefd LLC acquired a new stake in O-I Glass in the third quarter worth $62,000. International Assets Investment Management LLC increased its position in O-I Glass by 1,538.0% in the fourth quarter. International Assets Investment Management LLC now owns 4,095 shares of the industrial products company’s stock worth $67,000 after buying an additional 3,845 shares during the period. Allspring Global Investments Holdings LLC increased its position in O-I Glass by 29.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 10,289 shares of the industrial products company’s stock worth $172,000 after buying an additional 2,365 shares during the period. Finally, Total Clarity Wealth Management Inc. acquired a new stake in O-I Glass in the fourth quarter worth $186,000. 97.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OI has been the topic of several analyst reports. Bank of America reaffirmed a “neutral” rating and issued a $16.00 target price (down from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. UBS Group assumed coverage on O-I Glass in a research note on Tuesday, January 16th. They issued a “buy” rating and a $26.00 price target for the company. TheStreet cut O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Wells Fargo & Company decreased their price target on O-I Glass from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Truist Financial reissued a “buy” rating and issued a $17.00 price target (down previously from $20.00) on shares of O-I Glass in a research note on Thursday. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.89.

O-I Glass Trading Up 4.2 %

Shares of NYSE OI traded up $0.53 during mid-day trading on Thursday, hitting $13.11. 1,876,668 shares of the company traded hands, compared to its average volume of 1,749,361. O-I Glass, Inc. has a 1 year low of $12.40 and a 1 year high of $23.57. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of -8.13, a PEG ratio of 1.04 and a beta of 1.36. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 2.69. The business has a 50 day moving average of $15.87 and a two-hundred day moving average of $15.58.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.09. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. O-I Glass had a positive return on equity of 17.85% and a negative net margin of 3.45%. The business’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.29 EPS. On average, sell-side analysts anticipate that O-I Glass, Inc. will post 2.33 earnings per share for the current fiscal year.

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.