Traders Buy High Volume of Call Options on O-I Glass (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 approximately 3,039% compared to the typical daily volume of 75 call options.

Wall Street Analysts Forecast Growth

Several research firms have commented on OI. Truist Financial lifted their price objective on shares of O-I Glass from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Royal Bank Of Canada lowered their target price on shares of O-I Glass from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, February 26th. Citigroup dropped their price target on shares of O-I Glass from $17.00 to $16.00 and set a “neutral” rating for the company in a research note on Thursday, February 12th. Wall Street Zen downgraded shares of O-I Glass from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Robert W. Baird set a $20.00 price objective on shares of O-I Glass in a research report on Thursday, February 12th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.11.

Institutional Investors Weigh In On O-I Glass

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OI. Envestnet Asset Management Inc. purchased a new stake in shares of O-I Glass in the third quarter valued at approximately $1,526,000. Deroy & Devereaux Private Investment Counsel Inc. purchased a new position in O-I Glass during the 3rd quarter worth $18,496,000. Castleark Management LLC purchased a new position in O-I Glass during the 2nd quarter worth $4,942,000. Knights of Columbus Asset Advisors LLC raised its position in O-I Glass by 91.6% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 172,773 shares of the industrial products company’s stock valued at $2,241,000 after purchasing an additional 82,619 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in O-I Glass during the 3rd quarter valued at $908,000. Institutional investors own 97.24% of the company’s stock.

O-I Glass Stock Performance

Shares of O-I Glass stock opened at $10.40 on Thursday. The company has a quick ratio of 0.77, a current ratio of 1.25 and a debt-to-equity ratio of 3.35. The stock’s fifty day moving average is $14.29 and its two-hundred day moving average is $13.63. O-I Glass has a 52 week low of $9.23 and a 52 week high of $16.91. The company has a market capitalization of $1.58 billion, a PE ratio of -12.38, a price-to-earnings-growth ratio of 0.50 and a beta of 0.82.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.52 billion. O-I Glass had a positive return on equity of 18.07% and a negative net margin of 2.01%.The business’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the company earned ($0.05) earnings per share. As a group, analysts expect that O-I Glass will post 1.33 earnings per share for the current year.

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.