Quest Partners LLC Makes New Investment in O-I Glass, Inc. (NYSE:OI)

Quest Partners LLC acquired a new stake in O-I Glass, Inc. (NYSE:OI) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 5,852 shares of the industrial products company’s stock, valued at approximately $77,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of OI. Harbor Capital Advisors Inc. purchased a new stake in O-I Glass during the 3rd quarter worth about $27,000. GAMMA Investing LLC grew its position in shares of O-I Glass by 371.0% during the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock worth $32,000 after buying an additional 1,892 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in shares of O-I Glass by 1,337.5% during the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock worth $32,000 after buying an additional 2,675 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of O-I Glass by 28.4% during the third quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after buying an additional 1,136 shares during the period. Finally, KBC Group NV raised its holdings in O-I Glass by 38.9% in the third quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock valued at $71,000 after acquiring an additional 1,521 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on OI. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Royal Bank of Canada dropped their target price 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. 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. Barclays lowered their price objective on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, Citigroup raised their target price on O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, O-I Glass has a consensus rating of “Moderate Buy” and a consensus price target of $16.25.

O-I Glass Stock Performance

Shares of OI stock opened at $12.60 on Friday. The stock’s 50-day moving average is $12.69 and its two-hundred day moving average is $12.22. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23. O-I Glass, Inc. has a 1 year low of $10.08 and a 1 year high of $17.58. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -4.57 and a beta of 1.20.

O-I Glass (NYSE:OI) last announced its earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) 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 analyst estimates 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 revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the company earned $0.80 earnings per share. Analysts predict that O-I Glass, Inc. will post 0.76 earnings per share for the current 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.