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

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the recipient of some unusual options trading on Wednesday. Investors acquired 2,354 call options on the stock. This is an increase of 3,039% compared to the average daily volume of 75 call options.

Institutional Trading of O-I Glass

A number of institutional investors and hedge funds have recently modified their holdings of OI. Norges Bank purchased a new position in shares of O-I Glass during the 4th quarter valued at $27,562,000. Assenagon Asset Management S.A. lifted its holdings in O-I Glass by 132.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,002,867 shares of the industrial products company's stock valued at $32,807,000 after purchasing an additional 1,141,680 shares during the last quarter. Levin Capital Strategies L.P. boosted its position in O-I Glass by 66.0% during the first quarter. Levin Capital Strategies L.P. now owns 2,808,105 shares of the industrial products company's stock worth $46,586,000 after purchasing an additional 1,116,340 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in shares of O-I Glass in the first quarter worth about $14,603,000. Finally, Luminus Management LLC raised its position in shares of O-I Glass by 69.4% in the third quarter. Luminus Management LLC now owns 2,140,678 shares of the industrial products company's stock valued at $35,814,000 after purchasing an additional 877,172 shares during the period. 97.24% of the stock is owned by hedge funds and other institutional investors.

O-I Glass Stock Up 0.4 %

OI stock traded up $0.05 during trading on Thursday, reaching $13.72. 1,221,102 shares of the stock were exchanged, compared to its average volume of 1,718,796. The firm's 50 day moving average is $15.11 and its 200 day moving average is $15.44. The firm has a market cap of $2.14 billion, a P/E ratio of -8.63, a price-to-earnings-growth ratio of 1.39 and a beta of 1.36. The company has a current ratio of 1.02, a quick ratio of 0.56 and a debt-to-equity ratio of 2.26. O-I Glass has a twelve month low of $12.40 and a twelve month high of $23.57.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.09. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.69 billion. O-I Glass had a negative net margin of 3.45% and a positive return on equity of 18.25%. The business's revenue was down 13.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.29 earnings per share. As a group, research analysts forecast that O-I Glass will post 1.6 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on OI. Wells Fargo & Company lowered their price objective on shares of O-I Glass from $22.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, May 2nd. Bank of America reaffirmed a "neutral" rating and issued a $16.00 price objective (down from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Robert W. Baird lowered their target price on O-I Glass from $28.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, May 2nd. Barclays reduced their price target on shares of O-I Glass from $18.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Monday, May 6th. Finally, Royal Bank of Canada lowered their price objective on shares of O-I Glass from $25.00 to $21.00 and set an "outperform" rating for the company in a research report on Thursday, May 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, O-I Glass presently has an average rating of "Hold" and a consensus target price of $19.56.

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.