Stock Traders Buy Large Volume of Call Options on Owens-Illinois (OI)
Owens-Illinois, Inc. (NYSE:OI) saw unusually large options trading activity on Tuesday. Traders bought 1,254 call options on the company. This is an increase of approximately 1,990% compared to the average volume of 60 call options.
In related news, insider Timothy M. Connors sold 3,500 shares of Owens-Illinois stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $23.86, for a total value of $83,510.00. Following the sale, the insider now owns 19,624 shares of the company’s stock, valued at approximately $468,228.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.50% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in OI. Acadian Asset Management LLC purchased a new position in shares of Owens-Illinois during the 2nd quarter valued at $113,000. Janney Montgomery Scott LLC purchased a new position in shares of Owens-Illinois during the 2nd quarter valued at $344,000. IFP Advisors Inc grew its position in shares of Owens-Illinois by 853.3% during the 2nd quarter. IFP Advisors Inc now owns 17,255 shares of the industrial products company’s stock valued at $413,000 after purchasing an additional 15,445 shares in the last quarter. Canada Pension Plan Investment Board grew its position in shares of Owens-Illinois by 17.4% during the 2nd quarter. Canada Pension Plan Investment Board now owns 129,300 shares of the industrial products company’s stock valued at $3,093,000 after purchasing an additional 19,200 shares in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Owens-Illinois by 1.6% during the 2nd quarter. Arizona State Retirement System now owns 68,600 shares of the industrial products company’s stock valued at $1,641,000 after purchasing an additional 1,100 shares in the last quarter. Hedge funds and other institutional investors own 93.73% of the company’s stock.
Owens-Illinois (NYSE:OI) last issued its earnings results on Monday, October 23rd. The industrial products company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. Owens-Illinois had a net margin of 3.59% and a return on equity of 63.33%. The business had revenue of $1.80 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same quarter in the previous year, the firm posted $0.68 EPS. The business’s revenue for the quarter was up 5.1% compared to the same quarter last year. equities research analysts forecast that Owens-Illinois will post 2.64 earnings per share for the current fiscal year.
A number of research firms recently commented on OI. Robert W. Baird reaffirmed a “hold” rating and issued a $25.00 price target on shares of Owens-Illinois in a report on Thursday, October 12th. ValuEngine raised shares of Owens-Illinois from a “buy” rating to a “strong-buy” rating in a report on Friday, October 13th. Royal Bank of Canada set a $27.00 target price on shares of Owens-Illinois and gave the company a “hold” rating in a report on Tuesday, October 17th. Zacks Investment Research cut shares of Owens-Illinois from a “buy” rating to a “sell” rating in a report on Tuesday, October 3rd. Finally, UBS reissued a “neutral” rating and set a $27.00 target price (up previously from $26.00) on shares of Owens-Illinois in a report on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $26.36.
Owens-Illinois Company Profile
Owens-Illinois, Inc is a manufacturer of glass container products. The Company’s principal product lines are glass containers for the food and beverage industries. The Company’s segments include Europe, North America, Latin America and Asia Pacific. The Company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits and wine.
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