Seven Eight Capital LP Makes New Investment in O-I Glass, Inc. (NYSE:OI)

Seven Eight Capital LP bought a new position in shares of O-I Glass, Inc. (NYSE:OI) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 117,877 shares of the industrial products company’s stock, valued at approximately $1,312,000.

Several other hedge funds have also modified their holdings of the business. Fidelis Capital Partners LLC purchased a new position in O-I Glass in the first quarter worth $33,000. TFO Wealth Partners LLC grew its stake in shares of O-I Glass by 24,311.1% during the 4th quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 2,188 shares during the period. FinTrust Capital Advisors LLC purchased a new position in shares of O-I Glass in the 1st quarter valued at about $38,000. Headlands Technologies LLC acquired a new stake in shares of O-I Glass in the first quarter valued at about $39,000. Finally, Bessemer Group Inc. boosted its holdings in O-I Glass by 40.2% during the first quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company’s stock worth $76,000 after buying an additional 1,318 shares in the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OI has been the subject of a number of research analyst reports. Royal Bank of Canada dropped their target price on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a report on Monday, August 5th. Barclays reduced their price objective on O-I Glass from $15.00 to $14.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Robert W. Baird lowered their target price on O-I Glass from $22.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Citigroup cut their price target on O-I Glass from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, July 8th. Finally, UBS Group lowered their price objective on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, July 17th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.25.

O-I Glass Stock Performance

NYSE:OI opened at $13.42 on Friday. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75. The firm has a market cap of $2.09 billion, a PE ratio of -8.44, a P/E/G ratio of 1.72 and a beta of 1.17. The firm has a 50 day simple moving average of $12.08 and a 200-day simple moving average of $13.15. O-I Glass, Inc. has a 1-year low of $10.08 and a 1-year high of $18.50.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The company had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the firm posted $0.88 EPS. O-I Glass’s revenue was down 8.5% on a year-over-year basis. On average, equities analysts expect that O-I Glass, Inc. will post 1.13 EPS for the current year.

Insider Buying and Selling

In other O-I Glass news, Director John Humphrey purchased 15,000 shares of the stock in a transaction on Tuesday, August 6th. The stock was bought at an average price of $11.30 per share, for a total transaction of $169,500.00. Following the acquisition, the director now directly owns 84,227 shares of the company’s stock, valued at $951,765.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.49% of the stock is currently owned by company insiders.

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.