Hennessy Advisors Inc. Buys 62,400 Shares of O-I Glass, Inc. (NYSE:OI)

Hennessy Advisors Inc. increased its stake in O-I Glass, Inc. (NYSE:OI) by 44.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 204,300 shares of the industrial products company’s stock after acquiring an additional 62,400 shares during the quarter. Hennessy Advisors Inc. owned 0.13% of O-I Glass worth $3,389,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Covestor Ltd grew its position in O-I Glass by 259.7% in the 3rd quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 1,205 shares during the period. TFO Wealth Partners LLC grew its position in O-I Glass by 24,311.1% in the 4th quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 2,188 shares during the period. International Assets Investment Management LLC grew its position in O-I Glass by 1,538.0% in the 4th quarter. International Assets Investment Management LLC now owns 4,095 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 3,845 shares during the period. Quadrant Capital Group LLC grew its position in O-I Glass by 37.3% in the 4th quarter. Quadrant Capital Group LLC now owns 5,168 shares of the industrial products company’s stock valued at $85,000 after purchasing an additional 1,404 shares during the period. Finally, Total Clarity Wealth Management Inc. acquired a new stake in O-I Glass in the 4th quarter valued at $186,000. Institutional investors own 97.24% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on OI shares. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Friday, June 14th. Robert W. Baird cut their price objective on shares of O-I Glass from $28.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. Truist Financial reaffirmed a “buy” rating and set a $17.00 price objective (down from $20.00) on shares of O-I Glass in a report on Thursday, May 2nd. Barclays cut their price objective on shares of O-I Glass from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Monday, May 6th. Finally, Wells Fargo & Company cut their price objective on shares of O-I Glass from $22.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.56.

O-I Glass Stock Performance

OI traded up $0.10 during trading on Friday, hitting $11.09. 1,016,405 shares of the company traded hands, compared to its average volume of 1,715,113. The firm has a market cap of $1.73 billion, a P/E ratio of -6.91, a price-to-earnings-growth ratio of 1.07 and a beta of 1.27. The stock’s fifty day moving average is $12.83 and its 200 day moving average is $14.84. The company has a quick ratio of 0.56, a current ratio of 1.02 and a debt-to-equity ratio of 2.26. O-I Glass, Inc. has a one year low of $10.78 and a one year high of $23.57.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.09. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.69 billion. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The firm’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.29 earnings per share. As a group, equities analysts predict that O-I Glass, Inc. will post 1.67 EPS for the current fiscal year.

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.