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

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

O-I Glass Price Performance

Shares of NYSE:OI opened at $12.81 on Friday. The company has a debt-to-equity ratio of 2.85, a quick ratio of 0.75 and a current ratio of 1.26. The firm has a fifty day moving average price of $12.35 and a 200 day moving average price of $12.92. O-I Glass has a fifty-two week low of $10.08 and a fifty-two week high of $17.58. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -8.06, a P/E/G ratio of 1.92 and a beta of 1.17.

O-I Glass (NYSE:OI) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.43 by $0.01. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.77 billion. O-I Glass had a negative net margin of 4.32% and a positive return on equity of 15.64%. The firm’s revenue was down 8.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. As a group, sell-side analysts expect that O-I Glass will post 1.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group reduced their price objective on shares of O-I Glass from $26.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Citigroup upped their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday. Truist Financial reaffirmed a “buy” rating and issued a $16.00 price objective (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Royal Bank of Canada reduced their price objective on shares of O-I Glass from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Monday, August 5th. Finally, Barclays dropped their target price on shares of O-I Glass from $15.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.63.

Insider Buying and Selling at O-I Glass

In other O-I Glass news, Director John Humphrey bought 15,000 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was bought at an average cost of $11.30 per share, with a total value of $169,500.00. Following the completion of the transaction, the director now directly owns 84,227 shares in the company, valued at approximately $951,765.10. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.49% of the company’s stock.

Hedge Funds Weigh In On O-I Glass

Institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. lifted its position in O-I Glass by 1,337.5% in the second quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company’s stock valued at $32,000 after buying an additional 2,675 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in O-I Glass in the first quarter valued at approximately $33,000. TFO Wealth Partners LLC boosted its holdings in shares of O-I Glass by 24,311.1% in the fourth quarter. TFO Wealth Partners LLC now owns 2,197 shares of the industrial products company’s stock valued at $36,000 after acquiring an additional 2,188 shares during the period. FinTrust Capital Advisors LLC acquired a new stake in shares of O-I Glass in the first quarter valued at approximately $38,000. Finally, Headlands Technologies LLC acquired a new stake in shares of O-I Glass in the first quarter valued at approximately $39,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

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.