Alexander Roepers’ Atlantic Investment Management buys more activist shares in $OI

Alexander Roepers’ Atlantic Investment Management increased its activist position in Owens-Illinois, Inc. (OI) to 8.4 million shares. According to its 13D filing on October 12th, Atlantic Investment Management now controls 5.1% activist stake in OI. In the second quarter, Atlantic Investment Management reported 6.35 million shares, or 3.86% stake in OI, so this is a more than 30% expansion. OI has a poor performance in the third quarter. The stock has decline by 40% year to date, subject to a big crash in August. Atlantic Investment Management might enter at about $15 after stock recovered from its 2-year low. Now OI has rallied 3 days and is trading at around $18.

OI was owned by eighteen hedge funds in the second quarter, when Atlantic Investment Management had significant more shares than the others. Robert Rodriguez and Steven Romick’s First Pacific Advisors took the second place and had 2.89 million shares, giving a 1.75% stake. Thomas E. Claugus’ Gmt Capital had 2.30 million shares, or 1.39% stake. Several famous hedge fund manager also had some positions in OI, including Steven Cohen with 181 thousand shares, and Ken Griffin with 109 thousand shares.

Atlantic Investment Management is under Alexander Roepers. Before Alexander Roepers started this New York-based firm in 1988, he spent six years in the industrial world. In February 1993, he started AJR International, an offshore hedge fund which had a more active trading style. One year later, he started Quest Capital Partners, LP. In 1996, he launched Cambrian Fund Ltd. His two main strategy each gave him 22.2% and 33.2% annual return since 1992.

Owens-Illinois, Inc. engages in manufacturing and selling glass containers in Europe, North America, South America, and the Asia Pacific. The glass containers produced by the company are mainly used for beer, refreshers, spirits, wine, food and other soft drinks and beverages. The company was founded in 1903, with its headquarter located in Perrysburg, Ohio.