Stock Traders Buy High Volume of Call Options on O-I Glass (NYSE:OI)

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

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Citigroup decreased their target price on shares of O-I Glass from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, January 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $16.00 price objective on shares of O-I Glass in a research report on Monday. Bank of America upped their target price on O-I Glass from $14.00 to $15.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Wells Fargo & Company reduced their price target on O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.38.

Hedge Funds Weigh In On O-I Glass

Several large investors have recently made changes to their positions in OI. Segall Bryant & Hamill LLC acquired a new stake in O-I Glass in the 3rd quarter valued at approximately $32,350,000. Highland Peak Capital LLC acquired a new stake in shares of O-I Glass in the third quarter valued at $27,132,000. Cooper Creek Partners Management LLC raised its holdings in shares of O-I Glass by 18.2% in the 4th quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company’s stock valued at $120,132,000 after buying an additional 1,705,216 shares during the period. Millennium Management LLC lifted its stake in O-I Glass by 251.7% during the 4th quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company’s stock worth $15,806,000 after acquiring an additional 1,043,570 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. purchased a new position in O-I Glass during the 4th quarter valued at about $10,885,000. 97.24% of the stock is currently owned by institutional investors and hedge funds.

O-I Glass Price Performance

NYSE:OI opened at $12.27 on Friday. O-I Glass has a 52 week low of $9.85 and a 52 week high of $17.58. The stock’s fifty day moving average is $11.36 and its two-hundred day moving average is $11.87. The company has a market capitalization of $1.89 billion, a P/E ratio of -17.27, a P/E/G ratio of 0.24 and a beta of 1.20. The company has a quick ratio of 0.70, a current ratio of 1.15 and a debt-to-equity ratio of 3.78.

O-I Glass (NYSE:OI) last issued its quarterly earnings data on Tuesday, February 4th. The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.02. O-I Glass had a negative net margin of 1.62% and a positive return on equity of 8.27%. 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.