Stock 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. Traders acquired 2,354 call options on the stock. This is an increase of approximately 3,039% compared to the typical daily volume of 75 call options.

O-I Glass Stock Up 4.7 %

Shares of O-I Glass stock opened at $11.79 on Friday. The company has a current ratio of 1.15, a quick ratio of 0.70 and a debt-to-equity ratio of 3.78. The company’s fifty day simple moving average is $10.96 and its two-hundred day simple moving average is $11.95. The company has a market cap of $1.82 billion, a P/E ratio of -16.60, a PEG ratio of 0.24 and a beta of 1.22. O-I Glass has a 12-month low of $9.85 and a 12-month high of $17.58.

O-I Glass (NYSE:OI) last announced its quarterly earnings results on Tuesday, February 4th. The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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%. Research analysts anticipate that O-I Glass will post 1.36 EPS for the current year.

Analyst Ratings Changes

OI has been the topic of several research analyst reports. Citigroup cut their price objective on O-I Glass from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, January 6th. StockNews.com upgraded O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Barclays lowered their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Wells Fargo & Company decreased their price objective on O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. Finally, Bank of America upped their target price on O-I Glass from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.38.

Institutional Investors Weigh In On O-I Glass

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OI. Harbor Capital Advisors Inc. purchased a new stake in O-I Glass in the 3rd quarter worth approximately $27,000. R Squared Ltd purchased a new stake in O-I Glass in the 4th quarter worth approximately $45,000. Sterling Capital Management LLC increased its holdings in O-I Glass by 807.2% in the 4th quarter. Sterling Capital Management LLC now owns 4,881 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 4,343 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in O-I Glass by 28.4% in the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock worth $67,000 after acquiring an additional 1,136 shares in the last quarter. Finally, KBC Group NV increased its holdings in O-I Glass by 38.9% in the 3rd quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock worth $71,000 after acquiring an additional 1,521 shares in the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.