O-I Glass Target of Unusually High Options Trading (NYSE:OI)

Key Points

• Unusual options activity: Traders bought 2,354 call options on O-I Glass on Wednesday, an increase of about 3,039% versus the stock's average daily call volume of 75.
• Heavy institutional ownership: Institutional investors own 97.24% of OI, with recent sizable stake increases from Royal Bank of Canada (+33.9%), AQR (+154%), and UBS (+43.9%).
• Mixed fundamentals and analyst view: Shares trade near $10.64 (52‑week range $9.23–$16.91) with a $1.62B market cap and a negative P/E; the company slightly beat EPS estimates last quarter and carries a consensus "Hold" rating with a $17.56 price target.

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the target of some unusual options trading activity on Wednesday. Stock investors purchased 2,354 call options on the company. This represents an increase of approximately 3,039% compared to the average volume of 75 call options.

Institutional Trading of O-I Glass

Hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada grew its stake in O-I Glass by 33.9% during the 1st quarter. Royal Bank of Canada now owns 112,800 shares of the industrial products company's stock worth $1,294,000 after buying an additional 28,548 shares during the last quarter. AQR Capital Management LLC lifted its stake in O-I Glass by 154.0% in the first quarter. AQR Capital Management LLC now owns 177,117 shares of the industrial products company's stock valued at $1,993,000 after buying an additional 107,388 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of O-I Glass by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,151 shares of the industrial products company's stock valued at $1,057,000 after acquiring an additional 4,055 shares during the period. United Services Automobile Association acquired a new position in shares of O-I Glass during the first quarter valued at $119,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of O-I Glass by 43.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 526,279 shares of the industrial products company's stock worth $6,036,000 after acquiring an additional 160,649 shares during the last quarter. Institutional investors own 97.24% of the company's stock.

O-I Glass Trading Up 1.2%

O-I Glass stock opened at $10.64 on Thursday. O-I Glass has a 1 year low of $9.23 and a 1 year high of $16.91. The firm's 50-day moving average is $13.28 and its 200-day moving average is $13.46. The company has a debt-to-equity ratio of 3.35, a quick ratio of 0.77 and a current ratio of 1.25. The company has a market cap of $1.62 billion, a P/E ratio of -12.67, a PEG ratio of 0.68 and a beta of 0.82.

O-I Glass (NYSE:OI - Get Free Report) last announced its quarterly earnings data on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.01. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The business had revenue of $1.50 billion during the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the prior year, the firm earned ($0.05) EPS. The company's revenue for the quarter was down 1.9% compared to the same quarter last year. On average, equities analysts expect that O-I Glass will post 1.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

OI has been the subject of a number of research reports. Robert W. Baird set a $20.00 price target on O-I Glass in a research note on Thursday, February 12th. Zacks Research cut O-I Glass from a "hold" rating to a "strong sell" rating in a research note on Tuesday, March 3rd. Wall Street Zen downgraded O-I Glass from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. Citigroup decreased their target price on O-I Glass from $17.00 to $16.00 and set a "neutral" rating for the company in a research report on Thursday, February 12th. Finally, Wells Fargo & Company downgraded O-I Glass from an "overweight" rating to an "equal weight" rating and lowered their price target for the company from $18.00 to $13.00 in a report on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $17.56.

O-I Glass Company Profile

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.

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