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

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the recipient of unusually large options trading activity on Wednesday. Traders bought 2,354 call options on the company. This is an increase of approximately 3,039% compared to the typical volume of 75 call options.

O-I Glass Trading Down 1.0 %

OI stock traded down $0.13 during midday trading on Thursday, hitting $12.33. The stock had a trading volume of 1,739,554 shares, compared to its average volume of 1,752,306. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 2.85. The firm has a market cap of $1.92 billion, a P/E ratio of -7.75, a price-to-earnings-growth ratio of 1.83 and a beta of 1.17. The business has a fifty day moving average price of $11.69 and a two-hundred day moving average price of $13.45. O-I Glass has a 1-year low of $10.08 and a 1-year high of $19.89.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.01. O-I Glass had a positive return on equity of 15.64% and a negative net margin of 4.32%. The company had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the previous year, the business earned $0.88 EPS. The firm's revenue was down 8.5% compared to the same quarter last year. On average, sell-side analysts predict that O-I Glass will post 1.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on OI. Robert W. Baird dropped their target price on O-I Glass from $22.00 to $18.00 and set an "outperform" rating for the company in a research report on Thursday, August 1st. Royal Bank of Canada cut their target price on shares of O-I Glass from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Monday, August 5th. Truist Financial restated a "buy" rating and issued a $16.00 price target (down from $17.00) on shares of O-I Glass in a research report on Thursday, August 1st. Citigroup cut their price target on shares of O-I Glass from $14.00 to $12.00 and set a "neutral" rating on the stock in a report on Monday, July 8th. Finally, UBS Group decreased their price objective on O-I Glass from $26.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, July 17th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $16.89.

Insider Transactions at O-I Glass

In related news, Director John Humphrey acquired 15,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was acquired at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the transaction, the director now directly owns 84,227 shares in the company, valued at $951,765.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.49% of the company's stock.

Institutional Trading of O-I Glass

Several large investors have recently modified their holdings of the stock. Mackenzie Financial Corp raised its position in shares of O-I Glass by 6.1% during the second quarter. Mackenzie Financial Corp now owns 20,091 shares of the industrial products company's stock worth $224,000 after purchasing an additional 1,162 shares during the period. Bessemer Group Inc. increased its stake in O-I Glass by 40.2% during the 1st quarter. Bessemer Group Inc. now owns 4,597 shares of the industrial products company's stock valued at $76,000 after purchasing an additional 1,318 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in O-I Glass by 37.3% during the fourth quarter. Quadrant Capital Group LLC now owns 5,168 shares of the industrial products company's stock worth $85,000 after buying an additional 1,404 shares during the last quarter. Comerica Bank lifted its stake in shares of O-I Glass by 1.8% in the fourth quarter. Comerica Bank now owns 81,833 shares of the industrial products company's stock valued at $1,340,000 after buying an additional 1,411 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in shares of O-I Glass by 1.1% during the first quarter. Texas Permanent School Fund Corp now owns 135,154 shares of the industrial products company's stock valued at $2,242,000 after buying an additional 1,465 shares during the last quarter. Institutional investors and hedge funds own 97.24% of the company's stock.

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.