Traders Buy High Volume of O-I Glass Call Options (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 represents an increase of approximately 3,039% compared to the average daily volume of 75 call options.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in O-I Glass by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 19,362,262 shares of the industrial products company’s stock valued at $321,220,000 after buying an additional 221,823 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of O-I Glass by 33.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 172,565 shares of the industrial products company’s stock worth $2,264,000 after acquiring an additional 43,724 shares in the last quarter. Private Management Group Inc. increased its stake in O-I Glass by 21.3% in the second quarter. Private Management Group Inc. now owns 2,505,279 shares of the industrial products company’s stock valued at $27,884,000 after acquiring an additional 439,838 shares during the last quarter. Huber Capital Management LLC raised its position in O-I Glass by 200.5% during the second quarter. Huber Capital Management LLC now owns 193,215 shares of the industrial products company’s stock valued at $2,150,000 after purchasing an additional 128,915 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in O-I Glass by 35.3% during the second quarter. American Century Companies Inc. now owns 213,392 shares of the industrial products company’s stock worth $2,375,000 after purchasing an additional 55,701 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on OI shares. Barclays cut their target price on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. UBS Group reduced their target price on O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, July 17th. Royal Bank of Canada cut their price target on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the company from $14.00 to $16.00 in a report on Thursday, October 17th. Finally, Citigroup raised their target price on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, O-I Glass presently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

O-I Glass Stock Performance

Shares of NYSE:OI opened at $12.77 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass has a 12-month low of $10.08 and a 12-month high of $17.58. The company’s 50 day moving average price is $12.65 and its two-hundred day moving average price is $12.29. The firm has a market cap of $1.97 billion, a PE ratio of -4.63 and a beta of 1.20.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.76 billion. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.80 EPS. Equities research analysts predict that O-I Glass will post 0.75 earnings per share 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.