O-I Glass Sees Unusually High Options Volume (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 stock. This is an increase of 3,039% compared to the typical daily volume of 75 call options.

Institutional Trading of O-I Glass

A number of large investors have recently made changes to their positions in the company. Alliancebernstein L.P. boosted its holdings in shares of O-I Glass by 194.6% during the second quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company’s stock worth $117,033,000 after purchasing an additional 5,244,440 shares during the last quarter. Wellington Management Group LLP acquired a new stake in O-I Glass during the 4th quarter worth approximately $40,090,000. Arrowstreet Capital Limited Partnership lifted 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 buying an additional 2,388,299 shares in the last quarter. Brandywine Global Investment Management LLC purchased a new stake in O-I Glass during the fourth quarter worth approximately $25,064,000. Finally, Bank of America Corp DE boosted its position in shares of O-I Glass by 222.6% in the second quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company’s stock worth $32,520,000 after buying an additional 1,522,384 shares during the period. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OI has been the topic of a number of research reports. UBS Group restated a “buy” rating and issued a $21.00 target price on shares of O-I Glass in a report on Thursday, February 12th. Wells Fargo & Company raised O-I Glass from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $15.00 to $18.00 in a research report on Tuesday, January 6th. Robert W. Baird set a $20.00 price target on O-I Glass in a research report on Thursday, February 12th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $19.00 price target on shares of O-I Glass in a report on Thursday, January 15th. Finally, Truist Financial increased their price objective on shares of O-I Glass from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, O-I Glass presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.22.

O-I Glass Price Performance

NYSE:OI opened at $15.15 on Friday. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 3.35. The stock’s 50-day moving average price is $15.34 and its 200-day moving average price is $13.74. The stock has a market capitalization of $2.31 billion, a PE ratio of -18.04, a price-to-earnings-growth ratio of 0.68 and a beta of 0.78. O-I Glass has a 52 week low of $9.23 and a 52 week high of $16.91.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, February 10th. The industrial products company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01. The firm had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.52 billion. O-I Glass had a positive return on equity of 18.07% and a negative net margin of 2.01%.The firm’s revenue was down 1.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) EPS. As a group, equities analysts expect that O-I Glass will post 1.33 EPS for the current fiscal year.

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.