Investors Purchase Large Volume of Call Options on O-I Glass (NYSE:OI)

O-I Glass, Inc. (NYSE:OIGet Free Report) was the target of some unusual options trading on Wednesday. Stock traders bought 2,354 call options on the company. This is an increase of 3,039% compared to the average daily volume of 75 call options.

Institutional Inflows and Outflows

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

O-I Glass Price Performance

Shares of O-I Glass stock opened at $17.25 on Thursday. O-I Glass has a 52-week low of $13.56 and a 52-week high of $23.57. The stock’s 50-day simple moving average is $16.07 and its 200 day simple moving average is $15.79. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23.

O-I Glass (NYSE:OIGet Free Report) last announced its quarterly earnings data on Tuesday, February 6th. The industrial products company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.09. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The business had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the business posted $0.38 EPS. The firm’s quarterly revenue was down 3.1% compared to the same quarter last year. On average, equities research analysts forecast that O-I Glass will post 2.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

OI has been the subject of several research analyst reports. TheStreet lowered O-I Glass from a “b-” rating to a “c-” rating in a research report on Tuesday, February 6th. Truist Financial reaffirmed a “buy” rating and set a $20.00 target price on shares of O-I Glass in a research report on Monday, March 25th. Citigroup lowered O-I Glass from a “buy” rating to a “neutral” rating and raised their target price for the company from $17.00 to $18.00 in a research report on Wednesday, January 3rd. StockNews.com lowered O-I Glass from a “buy” rating to a “hold” rating in a research report on Thursday, February 15th. Finally, UBS Group initiated coverage on O-I Glass in a research report on Tuesday, January 16th. They set a “buy” rating and a $26.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $24.00.

View Our Latest Research Report on O-I Glass

O-I Glass Company Profile

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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.

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