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

O-I Glass, Inc. (NYSE:OI) saw some unusual options trading activity on Wednesday. Investors bought 2,354 call options on the stock. This is an increase of 3,039% compared to the average volume of 75 call options.

Wall Street Analyst Weigh In

OI has been the topic of several recent analyst reports. Truist Financial reissued a “buy” rating and set a $20.00 price objective on shares of O-I Glass in a research report on Monday, March 25th. UBS Group began coverage on shares of O-I Glass in a research note on Tuesday, January 16th. They set a “buy” rating and a $26.00 target price on the stock. Bank of America restated a “neutral” rating and set a $16.00 target price (down previously from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Citigroup cut shares of O-I Glass from a “buy” rating to a “neutral” rating and upped their target price for the company from $17.00 to $18.00 in a research note on Wednesday, January 3rd. Finally, TheStreet cut shares of O-I Glass from a “b-” rating to a “c-” rating in a research note on Tuesday, February 6th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, O-I Glass has an average rating of “Hold” and an average price target of $21.75.

O-I Glass Stock Down 15.9 %

Shares of OI opened at $12.58 on Thursday. The company has a market cap of $1.96 billion, a PE ratio of -16.77, a P/E/G ratio of 1.09 and a beta of 1.35. The business has a fifty day moving average of $15.87 and a 200 day moving average of $15.58. O-I Glass has a 52-week low of $12.40 and a 52-week high of $23.57. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 2.69.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same period last year, the company earned $1.29 earnings per share. O-I Glass’s revenue was down 13.0% on a year-over-year basis. On average, sell-side analysts expect that O-I Glass will post 2.33 EPS for the current year.

Institutional Trading of O-I Glass

Institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in shares of O-I Glass in the fourth quarter valued at about $27,562,000. Assenagon Asset Management S.A. grew 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 valued at $32,807,000 after purchasing an additional 1,141,680 shares during the last quarter. Luminus Management LLC grew its stake in O-I Glass by 69.4% in the third quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company’s stock valued at $35,814,000 after purchasing an additional 877,172 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in O-I Glass by 12.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,615,054 shares of the industrial products company’s stock valued at $108,358,000 after purchasing an additional 728,493 shares during the last quarter. Finally, Cooper Creek Partners Management LLC grew its stake in O-I Glass by 39.6% in the third quarter. Cooper Creek Partners Management LLC now owns 2,200,187 shares of the industrial products company’s stock valued at $36,809,000 after purchasing an additional 623,705 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

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.