Should You Avoid Owens-Illinois Inc (OI)?

Judging by the fact that Owens-Illinois Inc (NYSE:OI) has witnessed a decline in interest from the entirety of the hedge funds we track, it’s easy to see that there were a few hedge funds that decided to sell off their entire stakes heading into Q4. At the top of the heap, Jeffrey Moskowitz’s Harvey Partners dumped the biggest position of the 700 funds watched by Insider Monkey, worth close to $2.1 million in call options. Ken Griffin’s fund, Citadel Investment Group, also dumped its call options, worth about $0.9 million. These moves are important to note, as aggregate hedge fund interest fell by 2 funds heading into Q4.

Let’s go over hedge fund activity in other stocks similar to Owens-Illinois Inc (NYSE:OI). These stocks are Cimpress NV (NASDAQ:CMPR), Intrexon Corp (NYSE:XON), Landstar System, Inc. (NASDAQ:LSTR), and Vista Outdoor Inc (NYSE:VSTO). This group of stocks’ market caps resemble OI’s market cap.

As you can see these stocks had an average of 16 hedge funds with bullish positions and the average amount invested in these stocks was $348 million. That figure was $689 million in OI’s case. Vista Outdoor Inc (NYSE:VSTO) is the most popular stock in this table. On the other hand Intrexon Corp (NYSE:XON) is the least popular one with only 10 bullish hedge fund positions. Compared to these stocks Owens-Illinois Inc (NYSE:OI) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: none.