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

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

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OI. Barclays decreased their target price on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Citigroup decreased their price objective on shares of O-I Glass from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, January 6th. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Wells Fargo & Company decreased their price target on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating on the stock in a research note on Monday, January 6th. 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, January 6th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.38.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in O-I Glass by 1.1% during the third quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company’s stock worth $46,827,000 after buying an additional 37,238 shares in the last quarter. Private Management Group Inc. lifted its holdings in shares of O-I Glass by 20.8% during the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company’s stock worth $39,698,000 after acquiring an additional 520,452 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of O-I Glass during the 3rd quarter worth approximately $32,350,000. Highland Peak Capital LLC bought a new position in O-I Glass in the third quarter valued at approximately $27,132,000. Finally, Charles Schwab Investment Management Inc. increased its stake in O-I Glass by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,823,138 shares of the industrial products company’s stock valued at $23,920,000 after acquiring an additional 130,422 shares during the last quarter. Institutional investors own 97.24% of the company’s stock.

O-I Glass Stock Performance

Shares of NYSE:OI opened at $12.06 on Thursday. O-I Glass has a 12-month low of $9.85 and a 12-month high of $17.58. The company’s 50 day moving average price is $11.08 and its two-hundred day moving average price is $11.96. The firm has a market cap of $1.87 billion, a PE ratio of -4.37 and a beta of 1.22. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18.

O-I Glass (NYSE:OI) last issued its quarterly earnings results on Tuesday, February 4th. The industrial products company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. Equities research analysts predict that O-I Glass will post 0.75 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.