O-I Glass Sees Unusually High Options Volume (NYSE:OI)

Key Points

• O-I Glass experienced an **unprecedented surge** in options trading, with 2,354 call options purchased, marking a **3,039% increase** from the typical volume of 75 call options.
• CEO **Gordon Hardie** acquired 8,000 shares at an average price of **$13.10**, reflecting confidence in the company's performance amid recent stock activity.
• Analysts have varied ratings for O-I Glass, with an average target price projected at **$16.56**, indicating a consensus **"Moderate Buy"** despite some downgrades from prior ratings.

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

O-I Glass Stock Up 1.1%

Shares of OI opened at $11.75 on Thursday. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.77 and a current ratio of 1.24. O-I Glass has a one year low of $9.23 and a one year high of $16.04. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -7.12, a PEG ratio of 0.22 and a beta of 0.93. The stock has a 50 day moving average price of $12.86 and a 200 day moving average price of $13.09.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings results on Wednesday, March 1st. The industrial products company reported $0.36 EPS for the quarter. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%.The firm had revenue of $1.59 billion during the quarter. Equities research analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Gordon Hardie purchased 8,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was bought at an average cost of $13.10 per share, with a total value of $104,800.00. Following the completion of the acquisition, the chief executive officer owned 515,817 shares of the company's stock, valued at $6,757,202.70. The trade was a 1.58% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Darrow A. Abrahams purchased 3,828 shares of the firm's stock in a transaction on Tuesday, August 5th. The stock was bought at an average cost of $13.05 per share, with a total value of $49,955.40. Following the completion of the acquisition, the senior vice president directly owned 184,447 shares of the company's stock, valued at $2,407,033.35. This trade represents a 2.12% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.93% of the company's stock.

Institutional Trading of O-I Glass

Several large investors have recently added to or reduced their stakes in OI. GAMMA Investing LLC grew its holdings in O-I Glass by 1,956.0% in the 1st quarter. GAMMA Investing LLC now owns 29,627 shares of the industrial products company's stock valued at $340,000 after buying an additional 28,186 shares in the last quarter. SG Americas Securities LLC grew its holdings in O-I Glass by 117.7% in the 1st quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company's stock valued at $525,000 after buying an additional 24,743 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in O-I Glass by 44.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,444 shares of the industrial products company's stock valued at $189,000 after buying an additional 5,053 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in O-I Glass by 53.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 40,037 shares of the industrial products company's stock valued at $466,000 after buying an additional 13,983 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in O-I Glass in the 1st quarter valued at $259,000. 97.24% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OI has been the subject of several research analyst reports. BNP Paribas Exane initiated coverage on O-I Glass in a research note on Wednesday, June 25th. They set an "outperform" rating and a $18.00 target price for the company. Truist Financial reduced their target price on O-I Glass from $21.00 to $17.00 and set a "buy" rating for the company in a research note on Monday. Zacks Research downgraded O-I Glass from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 25th. BNP Paribas set a $18.00 target price on O-I Glass in a research note on Wednesday, June 25th. Finally, UBS Group reaffirmed a "buy" rating and set a $19.00 target price (up from $17.00) on shares of O-I Glass in a research note on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $16.56.

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.

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