Traders Purchase Large Volume of Call Options on O-I Glass (NYSE:OI)

O-I Glass, Inc. (NYSE:OI) was the target of unusually large options trading activity on Wednesday. Stock investors bought 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 analysts have recently commented on the stock. StockNews.com upgraded shares of O-I Glass from a “sell” rating to a “hold” rating in a report on Tuesday, November 12th. Citigroup cut 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. Wells Fargo & Company decreased their target price on shares of O-I Glass from $18.00 to $16.00 and set an “overweight” rating for the company in a research note on Monday, January 6th. Barclays dropped their price target on O-I Glass from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Royal Bank of Canada reduced their price objective on O-I Glass from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.38.

O-I Glass Price Performance

Shares of O-I Glass stock opened at $12.06 on Thursday. The stock’s fifty day moving average is $11.08 and its 200 day moving average is $11.96. O-I Glass has a one year low of $9.85 and a one year high of $17.58. 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 cap of $1.87 billion, a P/E ratio of -4.37 and a beta of 1.22.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in shares of O-I Glass by 18.0% during the third quarter. JPMorgan Chase & Co. now owns 619,643 shares of the industrial products company’s stock valued at $8,130,000 after purchasing an additional 94,671 shares in the last quarter. Highland Peak Capital LLC purchased a new position in O-I Glass during the 3rd quarter valued at approximately $27,132,000. Barclays PLC increased its stake in O-I Glass by 349.3% in the 3rd quarter. Barclays PLC now owns 261,161 shares of the industrial products company’s stock worth $3,427,000 after acquiring an additional 203,037 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of O-I Glass during the 3rd quarter worth approximately $1,264,000. Finally, Segall Bryant & Hamill LLC bought a new position in shares of O-I Glass during the 3rd quarter valued at approximately $32,350,000. 97.24% of the stock is currently owned by 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.