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

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

Hedge Funds Weigh In On O-I Glass

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in shares of O-I Glass by 8.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,093,723 shares of the industrial products company's stock valued at $78,952,000 after purchasing an additional 573,300 shares during the period. Geode Capital Management LLC increased its holdings in O-I Glass by 1.1% in the third quarter. Geode Capital Management LLC now owns 3,568,443 shares of the industrial products company's stock worth $46,827,000 after purchasing an additional 37,238 shares in the last quarter. Levin Capital Strategies L.P. lifted its stake in O-I Glass by 25.0% in the second quarter. Levin Capital Strategies L.P. now owns 3,511,413 shares of the industrial products company's stock valued at $39,082,000 after buying an additional 703,308 shares during the period. Private Management Group Inc. boosted its holdings in shares of O-I Glass by 20.8% during the 3rd quarter. Private Management Group Inc. now owns 3,025,731 shares of the industrial products company's stock worth $39,698,000 after buying an additional 520,452 shares in the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in shares of O-I Glass during the 3rd quarter worth approximately $32,350,000. 97.24% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on OI shares. StockNews.com raised O-I Glass from a "sell" rating to a "hold" rating in a report on Tuesday, November 12th. Barclays reduced their price objective on shares of O-I Glass from $14.00 to $13.00 and set an "equal weight" rating for the company in a research report on Thursday, October 31st. Bank of America increased their price objective on shares of O-I Glass from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Monday. Royal Bank of Canada reduced their target price on shares of O-I Glass from $18.00 to $16.00 and set an "outperform" rating for the company in a report on Friday, November 1st. Finally, Citigroup decreased their price target on shares of O-I Glass from $12.00 to $11.00 and set a "neutral" rating on the stock in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $15.38.

O-I Glass Price Performance

Shares of NYSE:OI traded down $0.21 during trading on Thursday, hitting $10.47. 1,228,499 shares of the company were exchanged, compared to its average volume of 1,369,800. The company has a quick ratio of 0.77, a current ratio of 1.23 and a debt-to-equity ratio of 3.18. O-I Glass has a 1-year low of $9.85 and a 1-year high of $17.58. The company has a market capitalization of $1.62 billion, a P/E ratio of -3.79 and a beta of 1.21. The business's 50 day moving average is $11.69 and its 200-day moving average is $11.96.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The industrial products company reported ($0.04) earnings per share 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 for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the firm posted $0.80 earnings per share. The business's revenue for the quarter was down 3.7% on a year-over-year basis. Equities analysts forecast that O-I Glass will post 0.76 earnings per share for the current year.

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.