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

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

Analysts Set New Price Targets

OI has been the topic of a number of research reports. BNP Paribas set a $18.00 price objective on O-I Glass in a research report on Wednesday. Barclays increased 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 research note on Friday, May 2nd. Wall Street Zen downgraded shares of O-I Glass from a “buy” rating to a “hold” rating in a report on Saturday, June 21st. BNP Paribas Exane initiated coverage on shares of O-I Glass in a research note on Wednesday. They issued an “outperform” rating and a $18.00 target price on the stock. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $16.00 price target on shares of O-I Glass in a research note on Monday, March 17th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, O-I Glass currently has a consensus rating of “Moderate Buy” and an average target price of $16.30.

Hedge Funds Weigh In On O-I Glass

Several hedge funds have recently made changes to their positions in the business. Sei Investments Co. boosted its holdings in O-I Glass by 112.8% during the fourth quarter. Sei Investments Co. now owns 93,174 shares of the industrial products company’s stock worth $1,010,000 after purchasing an additional 49,383 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of O-I Glass by 57.1% during the 4th quarter. Victory Capital Management Inc. now owns 139,302 shares of the industrial products company’s stock worth $1,510,000 after buying an additional 50,641 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of O-I Glass by 117.7% in the 1st quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company’s stock valued at $525,000 after acquiring an additional 24,743 shares in the last quarter. Northern Trust Corp grew its holdings in shares of O-I Glass by 8.5% in the 4th quarter. Northern Trust Corp now owns 1,738,277 shares of the industrial products company’s stock valued at $18,843,000 after acquiring an additional 135,989 shares in the last quarter. Finally, Amundi increased its position in shares of O-I Glass by 212.9% in the fourth quarter. Amundi now owns 95,302 shares of the industrial products company’s stock valued at $996,000 after acquiring an additional 64,844 shares during the last quarter. 97.24% of the stock is owned by institutional investors.

O-I Glass Stock Performance

Shares of OI stock opened at $15.51 on Friday. The company has a debt-to-equity ratio of 3.83, a quick ratio of 0.73 and a current ratio of 1.24. O-I Glass has a 52 week low of $9.23 and a 52 week high of $15.57. The company’s 50 day moving average price is $13.21 and its two-hundred day moving average price is $11.85. The company has a market capitalization of $2.40 billion, a P/E ratio of -12.31, a price-to-earnings-growth ratio of 0.31 and a beta of 0.96.

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 (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.22. The firm had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. O-I Glass had a positive return on equity of 8.48% and a negative net margin of 2.98%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. On average, analysts expect that O-I Glass will post 1.33 earnings per share for the current fiscal 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.