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

Key Points

• O-I Glass experienced a significant surge in options trading, with 2,354 call options purchased, marking a 3,039% increase compared to normal volume levels.
• Wall Street analysts show a range of opinions on the stock, with a consensus price target of $17.00 and ratings varying from "Strong Buy" to "Hold."
• Insider activity is notable, with CEO Gordon Hardie and SVP Darrow A. Abrahams each increasing their stock holdings, reflecting investor confidence in the company's future performance.

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the recipient of unusually large options trading activity 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.

Wall Street Analysts Forecast Growth

Several research firms have commented on OI. Truist Financial set a $21.00 price objective on shares of O-I Glass and gave the company a "buy" rating in a research report on Friday, July 11th. Wells Fargo & Company reiterated a "mixed" rating on shares of O-I Glass in a research report on Monday, August 4th. UBS Group reiterated a "buy" rating and set a $19.00 price objective (up previously from $17.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Zacks Research lowered shares of O-I Glass from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 25th. Finally, Bank of America reiterated a "neutral" rating and set a $17.00 price objective (up previously from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.00.

Insiders Place Their Bets

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

Institutional Investors Weigh In On O-I Glass

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Headlands Technologies LLC bought a new stake in O-I Glass during the 2nd quarter valued at about $29,000. GAMMA Investing LLC lifted its holdings in O-I Glass by 79.3% during the 1st quarter. GAMMA Investing LLC now owns 2,583 shares of the industrial products company's stock valued at $30,000 after buying an additional 1,142 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in O-I Glass during the 1st quarter valued at about $30,000. Smartleaf Asset Management LLC lifted its holdings 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 buying an additional 918 shares in the last quarter. Finally, State of Wyoming bought a new stake in O-I Glass during the 2nd quarter valued at about $35,000. Institutional investors own 97.24% of the company's stock.

O-I Glass Price Performance

O-I Glass stock opened at $13.13 on Thursday. The firm has a 50-day moving average price of $13.14 and a 200-day moving average price of $13.08. The firm has a market capitalization of $2.02 billion, a PE ratio of -7.95, a price-to-earnings-growth ratio of 0.25 and a beta of 0.93. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. O-I Glass has a 12-month low of $9.23 and a 12-month high of $16.04.

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

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