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

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the target of unusually large options trading on Wednesday. Investors purchased 2,354 call options on the stock. This represents an increase of approximately 3,039% compared to the typical daily volume of 75 call options.

O-I Glass Stock Performance

Shares of O-I Glass stock traded up $0.43 during trading hours on Thursday, reaching $13.42. The company had a trading volume of 2,357,513 shares, compared to its average volume of 1,736,833. The firm has a market cap of $2.09 billion, a PE ratio of -8.44, a price-to-earnings-growth ratio of 1.72 and a beta of 1.17. O-I Glass has a one year low of $10.08 and a one year high of $18.50. The company has a debt-to-equity ratio of 2.85, a current ratio of 1.26 and a quick ratio of 0.75. The business has a fifty day simple moving average of $12.08 and a 200 day simple moving average of $13.15.

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

Insiders Place Their Bets

In other news, Director John Humphrey bought 15,000 shares of the business's stock in a transaction that occurred on Tuesday, August 6th. The shares were bought at an average cost of $11.30 per share, for a total transaction of $169,500.00. Following the acquisition, 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 the SEC website. Corporate insiders own 1.49% of the company's stock.

Institutional Investors Weigh In On O-I Glass

A number of large investors have recently added to or reduced their stakes in OI. Newbridge Financial Services Group Inc. raised its position in O-I Glass by 1,337.5% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 2,875 shares of the industrial products company's stock worth $32,000 after purchasing an additional 2,675 shares during the period. Fidelis Capital Partners LLC bought a new stake in shares of O-I Glass in the 1st quarter valued at about $33,000. TFO Wealth Partners LLC lifted its stake in shares of O-I Glass by 24,311.1% in the 4th 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 last quarter. FinTrust Capital Advisors LLC purchased a new stake in O-I Glass during the 1st quarter valued at about $38,000. Finally, Headlands Technologies LLC bought a new position in O-I Glass during the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 97.24% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on OI. Citigroup reduced their target price on shares of O-I Glass from $14.00 to $12.00 and set a "neutral" rating for the company in a research note on Monday, July 8th. Truist Financial reiterated a "buy" rating and issued a $16.00 price objective (down previously from $17.00) on shares of O-I Glass in a research note on Thursday, August 1st. Robert W. Baird cut their target price on O-I Glass from $22.00 to $18.00 and set an "outperform" rating on the stock in a research note on Thursday, August 1st. UBS Group reduced their target price 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. Finally, StockNews.com upgraded O-I Glass from a "sell" rating to a "hold" rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, O-I Glass has a consensus rating of "Moderate Buy" and an average price target of $16.25.

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.