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

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Robert W. Baird dropped their target price on shares of O-I Glass from $28.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, May 2nd. Wells Fargo & Company dropped their target price on shares of O-I Glass from $22.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Truist Financial reaffirmed a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of O-I Glass in a report on Thursday, May 2nd. Bank of America reaffirmed a “neutral” rating and issued a $16.00 price objective (down previously from $21.00) on shares of O-I Glass in a report on Friday, April 19th. Finally, Barclays dropped their price objective on shares of O-I Glass from $18.00 to $15.00 and set an “equal weight” rating on the stock in a report on Monday, May 6th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $18.89.

O-I Glass Stock Up 2.9 %

O-I Glass stock opened at $10.50 on Thursday. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of -6.60, a PEG ratio of 1.02 and a beta of 1.24. The company has a current ratio of 1.02, a quick ratio of 0.56 and a debt-to-equity ratio of 2.26. The company’s 50-day moving average price is $12.09 and its two-hundred day moving average price is $14.49. O-I Glass has a 52 week low of $10.08 and a 52 week high of $23.57.

O-I Glass (NYSE:OI) last released its earnings results on Tuesday, April 30th. The industrial products company reported $0.45 EPS 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 for the quarter, compared to analysts’ expectations of $1.69 billion. During the same quarter last year, the company earned $1.29 EPS. O-I Glass’s quarterly revenue was down 13.0% on a year-over-year basis. On average, analysts expect that O-I Glass will post 1.67 EPS for the current fiscal year.

Hedge Funds Weigh In On O-I Glass

Several large investors have recently made changes to their positions in OI. Norges Bank bought a new position in shares of O-I Glass during the 4th quarter valued at about $27,562,000. Assenagon Asset Management S.A. boosted its position in shares of O-I Glass by 132.6% during the 4th 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 in the last quarter. Levin Capital Strategies L.P. boosted its position in shares of O-I Glass by 66.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company’s stock valued at $46,586,000 after purchasing an additional 1,116,340 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of O-I Glass during the 1st quarter valued at about $14,603,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of O-I Glass by 12.4% during the 4th 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 in the last quarter. Institutional investors own 97.24% of the company’s stock.

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.