Perrysburg, OH—O-I Glass, Inc. (NYSE:OI) Senior Vice President and Chief Administrative & Sustainability Officer, Randolph L. Burns, recently made a notable purchase of company stock. According to a recent SEC filing, Burns acquired 13,000 shares of O-I Glass common stock on November 4, 2024.
The shares were purchased at a weighted average price of $11.3802 per share, with transaction prices ranging between $11.34 and $11.41. This acquisition amounts to a total investment of approximately $147,942. Following this transaction, Burns holds a total of 70,817 shares in direct ownership.
Additionally, Burns maintains indirect ownership of 1,681.571 shares through a 401(k) plan.
This stock acquisition reflects Burns' continued confidence in O-I Glass, a leading manufacturer in the glass container industry.
In other recent news, O-I Glass has been in the spotlight due to recent earnings and revenue results, analyst opinions, and company developments. The company reported an adjusted net loss of $0.04 per share for Q3 2024, a significant decline from the $0.80 per share reported in the same quarter of the previous year. This loss was attributed to a strategic 18% cut in production due to sluggish demand. The company revised its full-year adjusted earnings estimate to $0.70 to $0.80 per share.
Barclays (LON:BARC), Truist Securities, Baird Equity Research, and Loop Capital have all recently adjusted their outlook on O-I Glass. Barclays maintained its Equalweight rating but reduced the price target from $14.00 to $13.00. Truist downgraded the company's target to $15 but maintained a buy rating, Baird maintained an Outperform rating with an $18 target, while Loop Capital reduced its price target to $12 and held its rating.
Despite the challenges, O-I Glass remains optimistic about its recovery prospects, backed by its "Fit To Win" program, which aims to reduce costs and enhance results for 2025. The company anticipates the initiative will contribute to a projected 2025 EBITDA of approximately $1.25 billion. Additionally, O-I Glass has announced plans to close approximately 4% of its capacity, targeting plants that generate negative economic profit. This is part of the "Fit To Win" strategy, which is expected to yield approximately $80 million in benefits in 2025. These are the recent developments for O-I Glass.
InvestingPro Insights
The recent stock purchase by O-I Glass's Senior Vice President Randolph L. Burns aligns with several key insights from InvestingPro. According to InvestingPro Tips, management has been aggressively buying back shares, which could indicate their belief in the company's value and future prospects. This insider buying activity, coupled with Burns' recent purchase, may signal confidence in O-I Glass's potential.
InvestingPro Data reveals that O-I Glass has a market capitalization of $1.99 billion, with a price-to-book ratio of 1.34 as of the last twelve months ending Q3 2024. This relatively low P/B ratio might suggest that the stock is undervalued, potentially explaining why insiders like Burns are increasing their holdings.
Despite a revenue decline of 7.18% over the last twelve months, InvestingPro Tips indicate that net income is expected to grow this year. This projected profitability improvement could be a factor in the management's decision to invest in the company's stock.
It's worth noting that InvestingPro offers 7 additional tips for O-I Glass, providing investors with a more comprehensive analysis of the company's financial health and market position. For those interested in a deeper dive into O-I Glass's prospects, exploring these additional insights on InvestingPro could prove valuable.
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