Stock Traders Buy Large Volume of O-I Glass Call Options (NYSE:OI)

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

Institutional Trading of O-I Glass

Several large investors have recently made changes to their positions in OI. Segall Bryant & Hamill LLC purchased a new stake in O-I Glass during the 3rd quarter valued at about $32,350,000. Highland Peak Capital LLC purchased a new stake in shares of O-I Glass in the third quarter valued at approximately $27,132,000. Levin Capital Strategies L.P. increased its holdings in shares of O-I Glass by 25.0% in the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company’s stock valued at $39,082,000 after purchasing an additional 703,308 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in O-I Glass by 8.8% during the second quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company’s stock worth $78,952,000 after buying an additional 573,300 shares in the last quarter. Finally, Private Management Group Inc. lifted its position in O-I Glass by 20.8% during the third quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after buying an additional 520,452 shares in the last quarter. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

O-I Glass Stock Performance

NYSE:OI opened at $10.20 on Thursday. The company has a debt-to-equity ratio of 3.18, a quick ratio of 0.77 and a current ratio of 1.23. The stock has a market capitalization of $1.58 billion, a PE ratio of -3.70 and a beta of 1.20. O-I Glass has a fifty-two week low of $9.85 and a fifty-two week high of $17.58. The company has a fifty day moving average of $12.10 and a two-hundred day moving average of $12.04.

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

Wall Street Analysts Forecast Growth

OI has been the subject of several analyst reports. Barclays lowered their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Citigroup boosted their price target on O-I Glass from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Bank of America raised shares of O-I Glass from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $14.00 to $16.00 in a research note on Thursday, October 17th. Royal Bank of Canada decreased their target price on shares of 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. Finally, StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $16.25.

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.