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

O-I Glass, Inc. (NYSE:OI) was the recipient of some unusual options trading on Wednesday. Stock traders acquired 2,354 call options on the stock. This is an increase of 3,039% compared to the average daily volume of 75 call options.

Wall Street Analysts Forecast Growth

OI has been the topic of a number of research analyst reports. Truist Financial boosted their target price on O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Wells Fargo & Company upgraded shares of O-I Glass from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $15.00 to $18.00 in a research report on Tuesday, January 6th. Bank of America upgraded shares of O-I Glass from a “neutral” rating to a “buy” rating and raised their target price for the company from $14.00 to $17.00 in a report on Monday, November 17th. Royal Bank Of Canada restated an “outperform” rating and set a $19.00 target price on shares of O-I Glass in a research report on Thursday, January 15th. Finally, Wall Street Zen lowered shares of O-I Glass from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 28th. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, O-I Glass currently has a consensus rating of “Moderate Buy” and an average target price of $17.88.

O-I Glass Price Performance

NYSE:OI opened at $16.57 on Thursday. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of -17.63, a price-to-earnings-growth ratio of 0.19 and a beta of 0.78. The company has a current ratio of 1.33, a quick ratio of 0.84 and a debt-to-equity ratio of 3.36. The company’s 50-day moving average is $15.00 and its two-hundred day moving average is $13.63. O-I Glass has a 12-month low of $9.23 and a 12-month high of $16.63.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, November 4th. The industrial products company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.04. The business had revenue of $1.65 billion during the quarter, compared to the consensus estimate of $1.66 billion. O-I Glass had a negative net margin of 2.26% and a positive return on equity of 16.02%. The company’s quarterly revenue was down 1.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) earnings per share. Research analysts expect that O-I Glass will post 1.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of O-I Glass by 3.7% in the 3rd quarter. Vanguard Group Inc. now owns 19,349,218 shares of the industrial products company’s stock valued at $250,959,000 after purchasing an additional 691,989 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in O-I Glass by 2.1% during the third quarter. Dimensional Fund Advisors LP now owns 8,232,239 shares of the industrial products company’s stock valued at $106,773,000 after buying an additional 170,696 shares in the last quarter. Alliancebernstein L.P. grew its stake in O-I Glass by 0.7% during the third quarter. Alliancebernstein L.P. now owns 7,996,786 shares of the industrial products company’s stock worth $103,718,000 after buying an additional 56,945 shares during the period. Highland Peak Capital LLC increased its position in shares of O-I Glass by 22.2% in the third quarter. Highland Peak Capital LLC now owns 3,113,780 shares of the industrial products company’s stock worth $40,386,000 after acquiring an additional 566,703 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of O-I Glass by 18.7% in the 3rd quarter. Bank of America Corp DE now owns 2,618,748 shares of the industrial products company’s stock valued at $33,965,000 after acquiring an additional 412,497 shares during the period. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.