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

O-I Glass, Inc. (NYSE:OI) was the target of some unusual options trading activity on Wednesday. Stock investors purchased 2,354 call options on the stock. This represents an increase of 3,039% compared to the typical volume of 75 call options.

O-I Glass Stock Up 1.1 %

O-I Glass stock traded up $0.14 during mid-day trading on Thursday, reaching $12.91. The stock had a trading volume of 55,247 shares, compared to its average volume of 1,689,269. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23. O-I Glass has a fifty-two week low of $10.08 and a fifty-two week high of $17.58. The stock’s 50-day simple moving average is $12.65 and its 200-day simple moving average is $12.29. The firm has a market capitalization of $2.00 billion, a PE ratio of -4.63 and a beta of 1.20.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the firm posted $0.80 earnings per share. The business’s revenue for the quarter was down 3.7% on a year-over-year basis. On average, sell-side analysts forecast that O-I Glass will post 0.75 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Harbor Capital Advisors Inc. purchased a new position in shares of O-I Glass during the 3rd quarter valued at $27,000. Headlands Technologies LLC bought a new stake in shares of O-I Glass during the first quarter valued at about $39,000. GAMMA Investing LLC lifted its holdings in shares of O-I Glass by 371.0% in the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock worth $32,000 after buying an additional 1,892 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its position in shares of O-I Glass by 1,337.5% in the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 2,675 shares during the period. Finally, Bessemer Group Inc. grew its stake in O-I Glass by 40.2% during the first quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company’s stock valued at $76,000 after acquiring an additional 1,318 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. UBS Group reduced their target price on O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, July 17th. Barclays reduced their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Truist Financial reiterated a “buy” rating and issued a $16.00 target price (down previously from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Royal Bank of Canada dropped their target price on shares of O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, Wells Fargo & Company decreased their price target on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, July 17th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $16.25.

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.