O-I Glass Sees Unusually Large Options Volume (NYSE:OI)

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird cut their price target on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Truist Financial reaffirmed a “buy” rating and set a $16.00 price objective (down from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Royal Bank of Canada cut their target price on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a research note on Monday, August 5th. Finally, Citigroup decreased their price target on O-I Glass from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, July 8th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $16.89.

O-I Glass Price Performance

Shares of NYSE:OI opened at $12.33 on Friday. The firm has a market cap of $1.92 billion, a PE ratio of -7.75, a price-to-earnings-growth ratio of 1.83 and a beta of 1.17. O-I Glass has a 52 week low of $10.08 and a 52 week high of $19.89. The firm’s fifty day moving average is $11.69 and its 200-day moving average is $13.45. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.77 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The business’s quarterly revenue was down 8.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.88 earnings per share. Sell-side analysts predict that O-I Glass will post 1.13 earnings per share for the current year.

Insider Activity at O-I Glass

In related news, Director John Humphrey bought 15,000 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were bought at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the completion of the acquisition, the director now directly owns 84,227 shares in the company, valued at $951,765.10. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 1.49% of the stock is currently owned by insiders.

Institutional Trading of O-I Glass

A number of institutional investors and hedge funds have recently modified their holdings of the business. Dana Investment Advisors Inc. raised its stake in shares of O-I Glass by 27.3% in the second quarter. Dana Investment Advisors Inc. now owns 319,760 shares of the industrial products company’s stock valued at $3,559,000 after buying an additional 68,621 shares during the period. Creative Planning bought a new position in O-I Glass during the second quarter worth about $475,000. Susquehanna Fundamental Investments LLC increased its stake in shares of O-I Glass by 95.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 120,397 shares of the industrial products company’s stock worth $1,340,000 after purchasing an additional 58,843 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of O-I Glass by 6.1% during the 2nd quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company’s stock valued at $224,000 after buying an additional 1,162 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of O-I Glass by 4.2% in the second quarter. The Manufacturers Life Insurance Company now owns 83,898 shares of the industrial products company’s stock worth $934,000 after acquiring an additional 3,413 shares during the period. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.