Investors Buy High Volume of Call Options on O-I Glass (NYSE:OI)

Key Points

• O-I Glass experienced a significant increase in call options trading with a 3,039% rise, totaling 2,354 call options traded on a recent Wednesday.
• Insider trades included SVP Darrow A. Abrahams purchasing 3,828 shares at $13.05 and CEO Gordon Hardie buying 8,000 shares at $13.10, indicating confidence in the company's outlook.
• Institutional investors hold 97.24% of O-I Glass's stock, with notable increases in holdings from firms like Principal Financial Group and SG Americas Securities.

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the target of some unusual options trading on Wednesday. Investors bought 2,354 call options on the stock. Thisisanincreaseofapproximately3,039% compared to the average daily volume of 75 call options.

O-I Glass Stock Performance

Shares of O-I Glass stock traded up $0.13 during trading hours on Friday, reaching $12.76. 1,636,812 shares of the stock traded hands, compared to its average volume of 1,352,049. The company has a 50 day moving average price of $13.91 and a 200 day moving average price of $12.89. The firm has a market capitalization of $1.97 billion, a price-to-earnings ratio of -7.73, a P/E/G ratio of 0.24 and a beta of 0.93. O-I Glass has a one year low of $9.23 and a one year high of $16.04. 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 (NYSE:OI - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.12. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.70 billion. O-I Glass had a positive return on equity of 13.70% and a negative net margin of 3.95%.The business's quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.44 EPS. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. On average, equities research analysts expect that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Insider Buying and Selling at O-I Glass

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. boosted its stake in O-I Glass by 2.3% in the 1st quarter. Principal Financial Group Inc. now owns 767,260 shares of the industrial products company's stock worth $8,800,000 after purchasing an additional 17,254 shares during the period. SG Americas Securities LLC boosted its position in shares of O-I Glass by 117.7% during the 1st quarter. SG Americas Securities LLC now owns 45,766 shares of the industrial products company's stock valued at $525,000 after acquiring an additional 24,743 shares during the last quarter. American Century Companies Inc. boosted its position in shares of O-I Glass by 11.0% during the 1st quarter. American Century Companies Inc. now owns 326,153 shares of the industrial products company's stock valued at $3,741,000 after acquiring an additional 32,339 shares during the last quarter. Northern Trust Corp boosted its position in shares of O-I Glass by 8.5% during the 4th quarter. Northern Trust Corp now owns 1,738,277 shares of the industrial products company's stock valued at $18,843,000 after acquiring an additional 135,989 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of 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 acquiring an additional 1,142 shares during the last quarter. 97.24% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

OI has been the subject of several recent research reports. Wall Street Zen raised O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a report on Friday, July 11th. Bank of America restated a "neutral" rating and set a $17.00 price target (up from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. BNP Paribas Exane assumed coverage on O-I Glass in a report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price objective for the company. Finally, UBS Group reiterated a "buy" rating and issued a $19.00 price objective (up from $17.00) on shares of O-I Glass in a report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $17.00.

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.