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

O-I Glass, Inc. (NYSE:OI) was the target of unusually large options trading on Wednesday. Stock investors purchased 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 Trading of O-I Glass

Large investors have recently made changes to their positions in the business. Alliancebernstein L.P. lifted its holdings in shares of O-I Glass by 194.6% in the 2nd quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock valued at $117,033,000 after acquiring an additional 5,244,440 shares during the last quarter. Wellington Management Group LLP bought a new stake in O-I Glass during the fourth quarter worth approximately $40,090,000. Arrowstreet Capital Limited Partnership raised its position in O-I Glass by 288.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,215,632 shares of the industrial products company’s stock valued at $47,463,000 after purchasing an additional 2,388,299 shares during the period. Brandywine Global Investment Management LLC purchased a new stake in O-I Glass during the fourth quarter valued at approximately $25,064,000. Finally, Bank of America Corp DE lifted its stake in shares of O-I Glass by 222.6% in the 2nd quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock valued at $32,520,000 after purchasing an additional 1,522,384 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on OI shares. Robert W. Baird set a $20.00 price objective on O-I Glass in a research note on Thursday, February 12th. Wall Street Zen downgraded O-I Glass from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. UBS Group restated a “buy” rating and issued a $21.00 price target on shares of O-I Glass in a research note on Thursday, February 12th. Zacks Research lowered shares of O-I Glass from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 3rd. Finally, Citigroup reduced their price objective on shares of O-I Glass from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, February 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.11.

O-I Glass Price Performance

NYSE:OI opened at $10.40 on Thursday. The business’s 50-day moving average is $14.29 and its 200 day moving average is $13.63. O-I Glass has a 12 month low of $9.23 and a 12 month high of $16.91. The company has a market capitalization of $1.58 billion, a P/E ratio of -12.38, a P/E/G ratio of 0.50 and a beta of 0.82. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 3.35.

O-I Glass (NYSE:OI) last posted its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to analyst estimates of $1.52 billion. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. O-I Glass’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) earnings per share. On average, equities research analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

About O-I Glass

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.