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

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

Insider Activity

In other news, Director John Humphrey acquired 15,000 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average cost of $11.30 per share, with a total value of $169,500.00. Following the completion of the acquisition, the director now owns 84,227 shares of the company’s stock, valued at approximately $951,765.10. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.49% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. acquired a new stake in O-I Glass in the 3rd quarter valued at about $27,000. Newbridge Financial Services Group Inc. grew its position in shares of 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 purchasing an additional 2,675 shares in the last quarter. GAMMA Investing LLC grew its position in shares of O-I Glass by 371.0% in the third quarter. GAMMA Investing LLC now owns 2,402 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 1,892 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of O-I Glass in the first quarter valued at approximately $33,000. Finally, FinTrust Capital Advisors LLC purchased a new position in O-I Glass during the first quarter worth approximately $38,000. 97.24% of the stock is owned by institutional investors and hedge funds.

O-I Glass Price Performance

OI traded up $0.20 during midday trading on Friday, hitting $11.31. 44,840 shares of the company traded hands, compared to its average volume of 1,685,367. The business has a 50 day simple moving average of $12.70 and a two-hundred day simple moving average of $12.46. O-I Glass has a 52-week low of $10.08 and a 52-week high of $17.58. The company has a market capitalization of $1.76 billion, a price-to-earnings ratio of -4.07 and a beta of 1.17. The company has a current ratio of 1.23, a quick ratio of 0.75 and a debt-to-equity ratio of 3.18.

O-I Glass (NYSE:OI) last posted its quarterly earnings data on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.08). O-I Glass had a positive return on equity of 9.16% and a negative net margin of 6.34%. The firm had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the firm posted $0.80 earnings per share. The company’s quarterly revenue was down 3.7% on a year-over-year basis. On average, equities analysts forecast that O-I Glass will post 0.75 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OI. Citigroup raised their target price on shares of O-I Glass from $14.00 to $15.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Truist Financial reissued a “buy” rating and issued a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a report on Thursday, August 1st. Royal Bank of Canada dropped their target price on O-I Glass from $20.00 to $18.00 and set an “outperform” rating on the stock in a report on Monday, August 5th. UBS Group lowered their price objective on O-I Glass from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company decreased their target price on shares of O-I Glass from $19.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, July 17th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $16.50.

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.