Investors Buy Large Volume of Call Options on O-I Glass (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) was the target of some unusual options trading activity on Wednesday. Investors bought 2,354 call options on the company. This represents an increase of approximately 3,039% compared to the average volume of 75 call options.

Hedge Funds Weigh In On O-I Glass

Several large investors have recently modified their holdings of OI. Exchange Traded Concepts LLC bought a new position in shares of O-I Glass during the third quarter valued at $250,000. Raymond James Financial Services Advisors Inc. raised its stake in shares of O-I Glass by 4.4% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 155,152 shares of the industrial products company’s stock valued at $2,596,000 after acquiring an additional 6,580 shares during the last quarter. Mackenzie Financial Corp raised its stake in shares of O-I Glass by 15.5% during the third quarter. Mackenzie Financial Corp now owns 18,929 shares of the industrial products company’s stock valued at $304,000 after acquiring an additional 2,540 shares during the last quarter. TD Asset Management Inc raised its stake in shares of O-I Glass by 75.0% during the third quarter. TD Asset Management Inc now owns 22,400 shares of the industrial products company’s stock valued at $375,000 after acquiring an additional 9,600 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of O-I Glass by 29.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 10,289 shares of the industrial products company’s stock valued at $172,000 after acquiring an additional 2,365 shares during the last quarter. Institutional investors own 97.24% of the company’s stock.

Wall Street Analyst Weigh In

OI has been the topic of a number of analyst reports. StockNews.com lowered shares of O-I Glass from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Barclays increased their target price on shares of O-I Glass from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 13th. TheStreet lowered shares of O-I Glass from a “b-” rating to a “c-” rating in a research report on Tuesday, February 6th. UBS Group assumed coverage on shares of O-I Glass in a research report on Tuesday, January 16th. They set a “buy” rating and a $26.00 target price on the stock. Finally, Truist Financial reiterated a “buy” rating and set a $20.00 price target on shares of O-I Glass in a research report on Monday, March 25th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $21.75.

O-I Glass Price Performance

Shares of NYSE:OI opened at $12.58 on Thursday. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -16.77, a PEG ratio of 1.09 and a beta of 1.35. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.23 and a quick ratio of 0.77. The firm has a 50 day simple moving average of $15.87 and a 200 day simple moving average of $15.58. O-I Glass has a one year low of $12.40 and a one year high of $23.57.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.36 by $0.09. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. O-I Glass had a negative net margin of 1.45% and a positive return on equity of 24.90%. The firm’s revenue was down 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.29 EPS. Research analysts predict that O-I Glass will post 2.33 earnings per share for the current fiscal year.

O-I Glass Company Profile

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.