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

O-I Glass, Inc. (NYSE:OI) was the recipient of some unusual options trading activity on Wednesday. Traders purchased 2,354 call options on the stock. This is an increase of 3,039% compared to the typical daily volume of 75 call options.

Analysts Set New Price Targets

OI has been the subject of several recent analyst reports. Truist Financial decreased their price objective on shares of O-I Glass from $21.00 to $17.00 and set a “buy” rating for the company in a report on Monday, October 13th. Bank of America raised O-I Glass from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $14.00 to $17.00 in a report on Monday, November 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of O-I Glass in a report on Wednesday, October 8th. Wells Fargo & Company increased their target price on O-I Glass from $14.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, November 6th. Finally, Wall Street Zen upgraded O-I Glass from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, O-I Glass has an average rating of “Moderate Buy” and an average target price of $16.67.

Institutional Investors Weigh In On O-I Glass

Hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC acquired a new position in shares of O-I Glass during the second quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in O-I Glass in the 1st quarter valued at about $30,000. Smartleaf Asset Management LLC boosted its stake in O-I Glass by 64.1% during the 2nd quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 918 shares during the period. State of Wyoming bought a new position in O-I Glass in the 2nd quarter worth about $35,000. Finally, GAMMA Investing LLC grew its position in O-I Glass by 31.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company’s stock worth $50,000 after purchasing an additional 820 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

O-I Glass Price Performance

OI opened at $14.79 on Thursday. The company has a quick ratio of 0.84, a current ratio of 1.33 and a debt-to-equity ratio of 3.36. The company’s 50-day moving average price is $12.73 and its 200 day moving average price is $13.35. O-I Glass has a fifty-two week low of $9.23 and a fifty-two week high of $16.04. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -15.74, a price-to-earnings-growth ratio of 0.22 and a beta of 0.78.

O-I Glass (NYSE:OI) last posted its earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. The company had revenue of $1.59 billion during the quarter. O-I Glass had a positive return on equity of 16.02% and a negative net margin of 2.26%. As a group, sell-side analysts expect that O-I Glass will post 1.33 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.