O-I Glass Sees Unusually High Options Volume (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) was the recipient of unusually large options trading on Wednesday. Traders purchased 2,354 call options on the stock. This represents an increase of approximately 3,039% compared to the typical daily volume of 75 call options.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds and other institutional investors have recently made changes to their positions in OI. Headlands Technologies LLC bought a new stake in shares of O-I Glass in the 2nd quarter valued at approximately $29,000. State of Wyoming bought a new stake in O-I Glass in the second quarter worth approximately $35,000. Smartleaf Asset Management LLC increased its stake in shares of O-I Glass by 64.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 918 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of O-I Glass during the 1st quarter valued at $30,000. Finally, GAMMA Investing LLC lifted its stake in shares of O-I Glass by 31.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock valued at $50,000 after purchasing an additional 820 shares during the last quarter. 97.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Zacks Research cut shares of O-I Glass from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 25th. Truist Financial lowered their price objective on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating on the stock in a research report on Monday, October 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a research note on Wednesday, October 8th. Wells Fargo & Company raised their target price on O-I Glass from $14.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 6th. Finally, Wall Street Zen upgraded O-I Glass from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.67.

O-I Glass Stock Up 4.5%

OI stock opened at $14.79 on Thursday. The company has a 50 day moving average of $12.73 and a two-hundred day moving average of $13.35. The company has a market cap of $2.27 billion, a price-to-earnings ratio of -15.74, a PEG ratio of 0.22 and a beta of 0.78. O-I Glass has a 12-month low of $9.23 and a 12-month high of $16.04. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. The business had revenue of $1.59 billion for the quarter. On average, equities analysts anticipate that O-I Glass will post 1.33 earnings per share for the current fiscal year.

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.