Connor Clark & Lunn Investment Management Ltd. Purchases 18,000 Shares of O-I Glass, Inc. (NYSE:OI)

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of O-I Glass, Inc. (NYSE:OI) by 22.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 99,230 shares of the industrial products company’s stock after purchasing an additional 18,000 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in O-I Glass were worth $1,302,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC bought a new position in shares of O-I Glass during the third quarter valued at approximately $32,350,000. Vanguard Group Inc. boosted its holdings in O-I Glass by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock valued at $321,220,000 after acquiring an additional 221,823 shares during the period. Allspring Global Investments Holdings LLC grew its position in O-I Glass by 33.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 172,565 shares of the industrial products company’s stock valued at $2,264,000 after acquiring an additional 43,724 shares during the last quarter. Private Management Group Inc. increased its stake in O-I Glass by 21.3% in the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock worth $27,884,000 after purchasing an additional 439,838 shares during the period. Finally, Markel Group Inc. boosted its stake in shares of O-I Glass by 20.8% during the third quarter. Markel Group Inc. now owns 814,100 shares of the industrial products company’s stock valued at $10,681,000 after purchasing an additional 140,000 shares during the period. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Trading Down 2.9 %

Shares of NYSE OI opened at $12.60 on Wednesday. The business has a fifty day moving average price of $12.72 and a 200 day moving average price of $12.23. O-I Glass, Inc. has a 1-year low of $10.08 and a 1-year high of $17.58. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. The stock has a market capitalization of $1.95 billion, a P/E ratio of -4.57 and a beta of 1.20.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The firm had revenue of $1.68 billion during the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.80 earnings per share. Equities research analysts expect that O-I Glass, Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

OI has been the subject of a number of research analyst reports. Citigroup lifted their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Robert W. Baird lowered their price target on O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Royal Bank of Canada reduced their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. Truist Financial reiterated a “buy” rating and issued a $16.00 target price (down from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Finally, Bank of America upgraded O-I Glass from a “neutral” rating to a “buy” rating and raised their price target for the company from $14.00 to $16.00 in a research note on Thursday, October 17th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $16.25.

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.