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

O-I Glass, Inc. (NYSE:OI) was the recipient of unusually large options trading activity on Wednesday. Stock investors bought 2,354 call options on the stock. This represents an increase of 3,039% compared to the average volume of 75 call options.

Hedge Funds Weigh In On O-I Glass

A number of hedge funds have recently modified their holdings of OI. GAMMA Investing LLC grew its stake in O-I Glass by 31.7% in the second quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 820 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of O-I Glass by 3.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 23,495 shares of the industrial products company’s stock valued at $346,000 after buying an additional 879 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of O-I Glass by 64.1% in the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock valued at $35,000 after buying an additional 918 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in O-I Glass by 3.1% in the second quarter. KLP Kapitalforvaltning AS now owns 33,600 shares of the industrial products company’s stock worth $495,000 after buying an additional 1,000 shares during the last quarter. Finally, Amundi increased its holdings in O-I Glass by 1.4% in the second quarter. Amundi now owns 75,483 shares of the industrial products company’s stock worth $1,175,000 after buying an additional 1,031 shares during the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

O-I Glass Stock Performance

Shares of O-I Glass stock opened at $14.97 on Thursday. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.04. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36. The stock has a market cap of $2.30 billion, a PE ratio of -15.93, a price-to-earnings-growth ratio of 0.23 and a beta of 0.78. The business has a fifty day simple moving average of $13.32 and a 200-day simple moving average of $13.48.

O-I Glass (NYSE:OI) last released its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 earnings per share for the quarter. The company had revenue of $1.59 billion for the quarter. O-I Glass had a positive return on equity of 16.02% and a negative net margin of 2.26%. On average, sell-side analysts anticipate that O-I Glass will post 1.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company increased their target price on shares of O-I Glass from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, November 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of O-I Glass in a research report on Wednesday, October 8th. Zacks Research lowered O-I Glass from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 25th. Wall Street Zen raised O-I Glass from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 20th. Finally, Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and upped their target price for the company from $14.00 to $17.00 in a report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.67.

O-I Glass Company Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.