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

Key Points

• O-I Glass experienced a significant surge in call options trading, with a 3,039% increase from the average daily volume, totaling 2,354 call options purchased on a single day.
• The company reported earnings of $0.53 per share for the most recent quarter, exceeding analysts' expectations of $0.41, despite a year-over-year revenue decline of 1.3%.
• Analysts show positive outlooks for O-I Glass, with a consensus rating of "Moderate Buy" and an average price target of $17.00 after several firms adjusted their target prices upward.

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the target of unusually large options trading activity on Wednesday. Investors purchased 2,354 call options on the company. Thisrepresentsanincreaseofapproximately3,039% compared to the average daily volume of 75 call options.

O-I Glass Trading Down 0.5%

NYSE OI opened at $12.9260 on Thursday. O-I Glass has a one year low of $9.23 and a one year high of $16.04. The company has a debt-to-equity ratio of 3.58, a current ratio of 1.24 and a quick ratio of 0.77. The firm has a market cap of $1.99 billion, a P/E ratio of -7.83, a P/E/G ratio of 0.25 and a beta of 0.92. The stock's 50-day moving average is $14.21 and its 200-day moving average is $12.77.

O-I Glass (NYSE:OI - Get Free Report) last posted its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.12. The business had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.70 billion. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%.O-I Glass's revenue for the quarter was down 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.44 EPS. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. Sell-side analysts anticipate that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays boosted their target price on O-I Glass from $13.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. BNP Paribas Exane initiated coverage on O-I Glass in a report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 target price on the stock. Wells Fargo & Company reiterated a "mixed" rating on shares of O-I Glass in a research report on Monday, August 4th. Wall Street Zen upgraded shares of O-I Glass from a "hold" rating to a "buy" rating in a report on Sunday, June 29th. Finally, Citigroup upped their target price on shares of O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, July 3rd. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

Insider Activity

In other O-I Glass news, CEO Gordon Hardie bought 8,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was bought at an average cost of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the purchase, the chief executive officer owned 515,817 shares in the company, valued at $6,757,202.70. This represents a 1.58% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Darrow A. Abrahams acquired 3,828 shares of the stock in a transaction on Tuesday, August 5th. The stock was bought at an average price of $13.05 per share, with a total value of $49,955.40. Following the transaction, the senior vice president directly owned 184,447 shares in the company, valued at approximately $2,407,033.35. This represents a 2.12% increase in their position. The disclosure for this purchase can be found here. 0.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On O-I Glass

A number of hedge funds and other institutional investors have recently made changes to their positions in OI. GAMMA Investing LLC raised its holdings in shares of O-I Glass by 31.7% in the second quarter. GAMMA Investing LLC now owns 3,403 shares of the industrial products company's stock valued at $50,000 after purchasing an additional 820 shares during the last quarter. Teacher Retirement System of Texas grew its position in O-I Glass by 3.9% in the second quarter. Teacher Retirement System of Texas now owns 23,495 shares of the industrial products company's stock valued at $346,000 after purchasing an additional 879 shares in the last quarter. Smartleaf Asset Management LLC grew its position in O-I Glass by 64.1% in the second 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 in the last quarter. KLP Kapitalforvaltning AS increased its stake in O-I Glass by 3.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 33,600 shares of the industrial products company's stock valued at $495,000 after buying an additional 1,000 shares during the last quarter. Finally, Amundi lifted its position in O-I Glass by 1.4% during the 2nd quarter. Amundi now owns 75,483 shares of the industrial products company's stock worth $1,175,000 after buying an additional 1,031 shares in the last quarter. 97.24% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.