O-I Glass Target of Unusually Large Options Trading (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 some unusual options trading on Wednesday. Stock traders purchased 2,354 call options on the company. Thisrepresentsanincreaseof3,039% compared to the average daily volume of 75 call options.

Insider Transactions at O-I Glass

In other news, SVP Darrow A. Abrahams purchased 3,828 shares of the business's stock in a transaction on Tuesday, August 5th. The stock was acquired at an average cost of $13.05 per share, for a total transaction of $49,955.40. Following the purchase, the senior vice president directly owned 184,447 shares in the company, valued at $2,407,033.35. This trade represents a 2.12% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Gordon Hardie purchased 8,000 shares of the business's stock in a transaction on Tuesday, August 5th. The shares were purchased at an average price of $13.10 per share, with a total value of $104,800.00. Following the completion of the purchase, the chief executive officer owned 515,817 shares in the company, valued at approximately $6,757,202.70. This trade represents a 1.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.49% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OI. Alliancebernstein L.P. lifted its holdings in O-I Glass by 194.6% in the 2nd quarter. Alliancebernstein L.P. now owns 7,939,841 shares of the industrial products company's stock worth $117,033,000 after purchasing an additional 5,244,440 shares in the last quarter. Bank of America Corp DE lifted its holdings in O-I Glass by 222.6% in the 2nd quarter. Bank of America Corp DE now owns 2,206,251 shares of the industrial products company's stock worth $32,520,000 after purchasing an additional 1,522,384 shares in the last quarter. Millennium Management LLC raised its holdings in shares of O-I Glass by 251.7% during the 4th quarter. Millennium Management LLC now owns 1,458,102 shares of the industrial products company's stock worth $15,806,000 after acquiring an additional 1,043,570 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of O-I Glass by 1,043.3% during the 1st quarter. MetLife Investment Management LLC now owns 1,074,764 shares of the industrial products company's stock worth $12,328,000 after acquiring an additional 980,758 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of O-I Glass during the 1st quarter worth approximately $10,738,000. 97.24% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. BNP Paribas set a $18.00 price objective on O-I Glass in a research note on Wednesday, June 25th. Wall Street Zen upgraded O-I Glass from a "hold" rating to a "buy" rating in a research note on Sunday, June 29th. Truist Financial set a $21.00 price objective on O-I Glass and gave the company a "buy" rating in a research note on Friday, July 11th. Citigroup boosted their price objective on O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research note on Thursday, July 3rd. Finally, Wells Fargo & Company reiterated a "mixed" rating on shares of O-I Glass in a research note on Monday, August 4th. One equities research 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, O-I Glass presently has a consensus rating of "Moderate Buy" and a consensus price target of $17.00.

O-I Glass Price Performance

NYSE OI traded up $0.04 during trading hours on Tuesday, reaching $13.27. The company's stock had a trading volume of 923,493 shares, compared to its average volume of 1,861,705. The firm's 50-day moving average price is $14.18 and its 200-day moving average price is $12.83. The company has a quick ratio of 0.77, a current ratio of 1.24 and a debt-to-equity ratio of 3.58. O-I Glass has a 1 year low of $9.23 and a 1 year high of $16.04. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -8.04, a PEG ratio of 0.26 and a beta of 0.92.

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

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.