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

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of O-I Glass by 79.3% during the first quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 1,142 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in O-I Glass in the first quarter worth about $30,000. R Squared Ltd bought a new stake in O-I Glass in the fourth quarter worth about $45,000. Sterling Capital Management LLC raised its position in O-I Glass by 807.2% in the fourth quarter. Sterling Capital Management LLC now owns 4,881 shares of the industrial products company’s stock worth $53,000 after acquiring an additional 4,343 shares during the period. Finally, KBC Group NV raised its position in O-I Glass by 42.5% in the fourth quarter. KBC Group NV now owns 7,740 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 2,309 shares during the period. 97.24% of the stock is owned by institutional investors.

O-I Glass Stock Down 0.8%

OI opened at $13.63 on Friday. The company has a debt-to-equity ratio of 3.78, a current ratio of 1.15 and a quick ratio of 0.70. The company’s 50-day moving average is $11.79 and its 200 day moving average is $11.60. O-I Glass has a fifty-two week low of $9.23 and a fifty-two week high of $14.34. The firm has a market capitalization of $2.11 billion, a P/E ratio of -19.20, a PEG ratio of 0.24 and a beta of 0.93.

O-I Glass (NYSE:OI) last released its quarterly earnings results on Tuesday, April 29th. The industrial products company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.22. O-I Glass had a negative net margin of 1.62% and a positive return on equity of 8.27%. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. During the same period last year, the firm earned $0.45 earnings per share. The firm’s revenue was up .4% on a year-over-year basis. Research analysts expect that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $16.00 price objective on shares of O-I Glass in a report on Monday, March 17th. Citigroup lifted their price objective on shares of O-I Glass from $11.00 to $14.00 and gave the company a “neutral” rating in a report on Friday, May 9th. Truist Financial reiterated a “buy” rating and set a $16.00 price objective (up from $13.00) on shares of O-I Glass in a report on Thursday, May 1st. Finally, Barclays lifted their price objective on shares of O-I Glass from $13.00 to $14.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $15.88.

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.