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

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

O-I Glass Price Performance

Shares of NYSE:OI opened at $10.47 on Thursday. O-I Glass has a twelve month low of $9.85 and a twelve month high of $17.58. The stock’s 50 day moving average is $11.71 and its 200-day moving average is $11.97. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. The firm has a market capitalization of $1.62 billion, a price-to-earnings ratio of -3.79 and a beta of 1.21.

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 business had revenue of $1.68 billion during 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 quarterly revenue was down 3.7% on a year-over-year basis. During the same period last year, the business posted $0.80 earnings per share. Sell-side analysts forecast that O-I Glass will post 0.76 EPS for the current fiscal year.

Institutional Investors Weigh In On O-I Glass

Institutional investors and hedge funds have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. bought a new position in shares of O-I Glass during the 3rd quarter worth approximately $27,000. GAMMA Investing LLC boosted its position in O-I Glass by 371.0% in the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 1,892 shares during the last quarter. Newbridge Financial Services Group Inc. grew its stake in O-I Glass by 1,337.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 2,675 shares during the period. Nisa Investment Advisors LLC increased its position in shares of O-I Glass by 28.4% during the 3rd quarter. Nisa Investment Advisors LLC now owns 5,136 shares of the industrial products company’s stock valued at $67,000 after purchasing an additional 1,136 shares during the last quarter. Finally, KBC Group NV raised its stake in shares of O-I Glass by 38.9% during the 3rd quarter. KBC Group NV now owns 5,431 shares of the industrial products company’s stock worth $71,000 after purchasing an additional 1,521 shares during the period. 97.24% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Barclays lowered their target price on shares of O-I Glass from $14.00 to $13.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. StockNews.com raised O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Wells Fargo & Company decreased their target price on O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday. Royal Bank of Canada dropped their price target on O-I Glass from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, Bank of America raised their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Monday. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $15.38.

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.