O-I Glass Target of Unusually Large Options Trading (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) was the target of unusually large options trading activity on Wednesday. Traders purchased 2,354 call options on the stock. This represents an increase of approximately 3,039% compared to the average volume of 75 call options.

Wall Street Analyst Weigh In

OI has been the topic of several analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $16.00 price target on shares of O-I Glass in a research report on Monday, March 17th. Truist Financial reissued a “buy” rating and issued a $16.00 price objective (up previously from $13.00) on shares of O-I Glass in a research note on Thursday, May 1st. Barclays increased their price objective on shares of O-I Glass from $13.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, May 2nd. Finally, Citigroup increased their price objective on shares of O-I Glass from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, O-I Glass presently has a consensus rating of “Moderate Buy” and an average price target of $15.88.

Hedge Funds Weigh In On O-I Glass

Large investors have recently modified their holdings of the business. Highland Peak Capital LLC raised its stake in O-I Glass by 87.5% during the fourth quarter. Highland Peak Capital LLC now owns 3,877,259 shares of the industrial products company’s stock worth $42,029,000 after buying an additional 1,809,237 shares during the last quarter. Cooper Creek Partners Management LLC raised its stake in O-I Glass by 18.2% during the fourth quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company’s stock worth $120,132,000 after buying an additional 1,705,216 shares during the last quarter. Millennium Management LLC raised its stake in O-I Glass by 251.7% during the fourth quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company’s stock worth $15,806,000 after buying an additional 1,043,570 shares during the last quarter. Mesirow Institutional Investment Management Inc. bought a new position in O-I Glass during the fourth quarter worth $10,885,000. Finally, MetLife Investment Management LLC raised its stake in O-I Glass by 1,043.3% during the first quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company’s stock worth $12,328,000 after buying an additional 980,758 shares during the last quarter. Institutional investors own 97.24% of the company’s stock.

O-I Glass Price Performance

OI stock opened at $13.63 on Friday. The company has a fifty day moving average price of $11.79 and a 200-day moving average price of $11.60. The company has a market capitalization of $2.11 billion, a P/E ratio of -19.20, a PEG ratio of 0.24 and a beta of 0.93. O-I Glass has a 52-week low of $9.23 and a 52-week high of $14.34. The company has a debt-to-equity ratio of 3.78, a quick ratio of 0.70 and a current ratio of 1.15.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.22. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. O-I Glass had a negative net margin of 1.62% and a positive return on equity of 8.27%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 earnings per share. As a group, equities analysts expect that O-I Glass will post 1.33 EPS for the current year.

About O-I Glass

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.