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Owens-Illinois Inc (OI): Alexander Roepers’ Atlantic Investment Management Ups Activist Stake to 6.7%

Atlantic Investment Management has revealed upping its stake in Owens-Illinois Inc (NYSE:OI) to 11.0 million shares, which is significantly above the previous position of 9.4 million shares that the fund revealed in its latest 13F. Following the increase, Atlantic Investment Management, which is led by Alexander J. Roepers, owns an activist stake that amasses 6.7% of the company’s common stock.

Alexander Roepers

Another hedge fund that owns shares of Owens-Illinois Inc (NYSE:OI) is Robert Rodriguez and Steven Romick‘s First Pacific Advisors LLC, which last disclosed holding 6.2 million shares of the $4.6 billion company. Thomas Steyer‘s Farallon Capital upped its stake by 18% during the first quarter to 4.65 million, held as of the end of June.

Owens manufacturers glass containers for different food and beverage brands. The company produces glass packaging for food, cosmetics, pharmaceuticals, and beverages. Owens-Illinois Inc (NYSE:OI) reported a net income of $0.80 per share for the second quarter of the year, which is slightly below $0.81 for the same period of last year. The net sales of the company slightly grew to $1.80 billion from $1.78 billion.

Despite solid results, the stock price of Owens-Illinois Inc (NYSE:OI) declined by over 21% since the beginning of the year. In fact, the decline is one of the largest in the packaging & containers industry, which overall has returned around 2% year-to-date. However, the company trails a P/E of 24.00, which is above the industry average of 19.00. For the current year, analysts expect the company to post EPS of $2.72 per share, which is above $2.72 reported for the last year.  In addition, the revenue outlook for the current year stands at $7.0 billion, which is in line with the last year’s result.

Disclosure: none