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

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

O-I Glass Stock Performance

Shares of O-I Glass stock opened at $10.20 on Thursday. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -3.70 and a beta of 1.20. The firm’s fifty day simple moving average is $12.10 and its 200-day simple moving average is $12.04. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.23 and a quick ratio of 0.77. O-I Glass has a 12 month low of $9.85 and a 12 month high of $17.58.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on OI. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $14.00 to $16.00 in a research report on Thursday, October 17th. Citigroup upped 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. StockNews.com raised shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. 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 report on Thursday, October 31st. Finally, Royal Bank of Canada cut their price target on shares of 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. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and an average price target of $16.25.

Institutional Trading of O-I Glass

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Louisiana State Employees Retirement System increased its stake in O-I Glass by 2.2% in the 2nd quarter. Louisiana State Employees Retirement System now owns 78,300 shares of the industrial products company’s stock valued at $871,000 after buying an additional 1,700 shares during the period. Bfsg LLC raised its holdings in O-I Glass by 30.1% during the second quarter. Bfsg LLC now owns 18,770 shares of the industrial products company’s stock worth $209,000 after purchasing an additional 4,340 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in O-I Glass by 95.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,573 shares of the industrial products company’s stock valued at $630,000 after purchasing an additional 27,669 shares during the period. Panagora Asset Management Inc. lifted its position in O-I Glass by 33.9% in the second quarter. Panagora Asset Management Inc. now owns 725,149 shares of the industrial products company’s stock valued at $8,071,000 after purchasing an additional 183,456 shares during the period. Finally, Innealta Capital LLC purchased a new stake in O-I Glass in the 2nd quarter valued at approximately $104,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.