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

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

Institutional Trading of O-I Glass

Large investors have recently added to or reduced their stakes in the business. Covestor Ltd boosted its position in shares of O-I Glass by 259.7% in the third quarter. Covestor Ltd now owns 1,669 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 1,205 shares during the period. Fidelis Capital Partners LLC bought a new position in shares of O-I Glass in the first quarter worth approximately $33,000. TFO Wealth Partners LLC boosted its position in shares of O-I Glass by 24,311.1% in the fourth quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 2,188 shares during the period. FinTrust Capital Advisors LLC bought a new position in shares of O-I Glass in the first quarter worth approximately $38,000. Finally, Headlands Technologies LLC bought a new position in shares of O-I Glass in the first quarter worth approximately $39,000. 97.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OI has been the subject of a number of recent research reports. Royal Bank of Canada lowered their price target on shares of O-I Glass from $25.00 to $21.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. Robert W. Baird lowered their price target on shares of O-I Glass from $28.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Friday, June 14th. Barclays decreased their target price on shares of O-I Glass from $18.00 to $15.00 and set an “equal weight” rating for the company in a report on Monday, May 6th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of O-I Glass in a report on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, O-I Glass presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.56.

O-I Glass Stock Up 0.3 %

OI opened at $11.01 on Thursday. The company has a quick ratio of 0.56, a current ratio of 1.02 and a debt-to-equity ratio of 2.26. The firm has a 50 day moving average price of $12.92 and a 200-day moving average price of $14.87. O-I Glass has a twelve month low of $10.78 and a twelve month high of $23.57. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -6.92, a PEG ratio of 1.07 and a beta of 1.27.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.09. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.69 billion. During the same period in the previous year, the company earned $1.29 earnings per share. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. Equities research analysts forecast that O-I Glass will post 1.67 earnings per share for the current year.

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.