Investors 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 is an increase of 3,039% compared to the typical daily volume of 75 call options.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OI. Truist Financial reaffirmed a “buy” rating and set a $20.00 price target on shares of O-I Glass in a research report on Monday, March 25th. Citigroup lowered shares of O-I Glass from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $17.00 to $18.00 in a report on Wednesday, January 3rd. TheStreet lowered shares of O-I Glass from a “b-” rating to a “c-” rating in a report on Tuesday, February 6th. Barclays boosted their price objective on shares of O-I Glass from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Tuesday, February 13th. Finally, StockNews.com lowered shares of O-I Glass from a “buy” rating to a “hold” rating in a report on Thursday, February 15th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

O-I Glass Price Performance

NYSE:OI opened at $15.42 on Friday. O-I Glass has a one year low of $13.56 and a one year high of $23.57. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -20.56, a PEG ratio of 1.04 and a beta of 1.35. The firm’s fifty day moving average is $16.18 and its two-hundred day moving average is $15.66.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, February 6th. The industrial products company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.03 by $0.09. O-I Glass had a negative net margin of 1.45% and a positive return on equity of 24.90%. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.63 billion. During the same period in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. Research analysts expect that O-I Glass will post 2.37 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of OI. Norges Bank acquired a new position in shares of O-I Glass in the fourth quarter worth about $27,562,000. Alliancebernstein L.P. raised its position in shares of O-I Glass by 116.3% during the 4th quarter. Alliancebernstein L.P. now owns 2,291,497 shares of the industrial products company’s stock worth $37,970,000 after purchasing an additional 1,231,866 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of O-I Glass by 132.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company’s stock worth $32,807,000 after purchasing an additional 1,141,680 shares during the last quarter. Millennium Management LLC raised its position in shares of O-I Glass by 3,268.7% during the 4th quarter. Millennium Management LLC now owns 1,108,594 shares of the industrial products company’s stock worth $18,369,000 after purchasing an additional 1,075,685 shares during the last quarter. Finally, Bank of America Corp DE raised its position in shares of O-I Glass by 145.7% during the 1st quarter. Bank of America Corp DE now owns 1,763,194 shares of the industrial products company’s stock worth $40,042,000 after purchasing an additional 1,045,661 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company’s stock.

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.