O-I Glass Target of Unusually High Options Trading (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) saw some unusual options trading activity on Wednesday. Investors 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.

O-I Glass Price Performance

Shares of NYSE:OI opened at $12.69 on Thursday. The business has a fifty day moving average price of $12.71 and a 200-day moving average price of $12.22. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. The company has a market capitalization of $1.96 billion, a PE ratio of -4.60 and a beta of 1.20. O-I Glass has a 1-year low of $10.08 and a 1-year high of $17.58.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.08). The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.76 billion. O-I Glass had a negative net margin of 6.34% and a positive return on equity of 9.16%. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.80 earnings per share. As a group, equities analysts expect that O-I Glass will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

OI has been the subject of several research analyst reports. Robert W. Baird lowered their price objective on shares of O-I Glass from $22.00 to $18.00 and set an “outperform” rating for the company in a report on Thursday, August 1st. Royal Bank of Canada lowered their target price on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Truist Financial reaffirmed a “buy” rating and issued a $16.00 price target (down from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and raised their price objective for the company from $14.00 to $16.00 in a research report on Thursday, October 17th. Finally, Barclays reduced their target price on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.25.

Hedge Funds Weigh In On O-I Glass

A number of hedge funds have recently added to or reduced their stakes in OI. Sanctuary Advisors LLC purchased a new position in O-I Glass in the 3rd quarter worth about $263,000. Geode Capital Management LLC grew its stake in shares of O-I Glass by 1.1% in the third quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock worth $46,827,000 after acquiring an additional 37,238 shares during the period. Barclays PLC raised its holdings in shares of O-I Glass by 349.3% during the third quarter. Barclays PLC now owns 261,161 shares of the industrial products company’s stock valued at $3,427,000 after purchasing an additional 203,037 shares during the last quarter. XTX Topco Ltd bought a new position in O-I Glass during the third quarter valued at approximately $148,000. Finally, Villanova Investment Management Co LLC boosted its holdings in O-I Glass by 8.6% in the third quarter. Villanova Investment Management Co LLC now owns 109,272 shares of the industrial products company’s stock worth $1,434,000 after purchasing an additional 8,643 shares during the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Company Profile

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.