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

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

O-I Glass Stock Performance

Shares of NYSE OI opened at $14.91 on Thursday. The company’s fifty day moving average price is $16.22 and its 200 day moving average price is $19.42. O-I Glass has a 1 year low of $13.56 and a 1 year high of $23.57. The company has a market capitalization of $2.31 billion, a PE ratio of 6.26, a price-to-earnings-growth ratio of 0.56 and a beta of 1.38. The company has a debt-to-equity ratio of 2.25, a quick ratio of 0.87 and a current ratio of 1.40.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, October 31st. The industrial products company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.10. The company had revenue of $1.74 billion during the quarter, compared to analysts’ expectations of $1.76 billion. O-I Glass had a net margin of 5.31% and a return on equity of 27.79%. The firm’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.63 earnings per share. On average, research analysts predict that O-I Glass will post 3 earnings per share for the current year.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds have recently modified their holdings of the business. Versor Investments LP boosted its stake in O-I Glass by 4.7% during the first quarter. Versor Investments LP now owns 26,500 shares of the industrial products company’s stock worth $602,000 after buying an additional 1,200 shares during the period. Quinn Opportunity Partners LLC purchased a new position in O-I Glass during the first quarter worth about $1,468,000. American Century Companies Inc. boosted its stake in O-I Glass by 2,630.2% during the first quarter. American Century Companies Inc. now owns 869,861 shares of the industrial products company’s stock worth $19,721,000 after buying an additional 838,000 shares during the period. Livforsakringsbolaget Skandia Omsesidigt purchased a new position in O-I Glass during the first quarter worth about $1,544,000. Finally, Los Angeles Capital Management LLC purchased a new position in O-I Glass during the first quarter worth about $1,261,000. 91.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OI has been the subject of a number of recent research reports. Royal Bank of Canada dropped their price objective on shares of O-I Glass from $37.00 to $32.00 and set an “outperform” rating for the company in a research note on Thursday, August 3rd. Truist Financial reduced their price target on shares of O-I Glass from $31.00 to $21.00 and set a “buy” rating for the company in a report on Friday, November 3rd. Barclays reduced their price target on shares of O-I Glass from $18.00 to $16.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. Credit Suisse Group lowered shares of O-I Glass from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $21.00 to $22.00 in a research note on Wednesday, September 13th. Finally, StockNews.com lowered shares of O-I Glass from a “buy” rating to a “hold” rating in a research note on Friday, November 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.90.

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.