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

Key Points

• O-I Glass experienced a surge in options trading with 2,354 call options purchased, representing a **3,039% increase** from the average of 75 call options.
• The company's latest earnings report revealed **$0.53 EPS**, exceeding estimates, with revenues of **$1.70 billion** remaining consistent with analyst expectations.
• Wall Street analysts have a **Moderate Buy** rating on O-I Glass, with price targets raised, demonstrating **optimism** about the stock’s future performance.

O-I Glass, Inc. (NYSE:OI - Get Free Report) was the recipient of unusually large options trading on Wednesday. Stock traders purchased 2,354 call options on the company. Thisisanincreaseof3,039% compared to the average volume of 75 call options.

Insider Transactions at O-I Glass

In related news, SVP Darrow A. Abrahams acquired 3,828 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were purchased at an average cost 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 approximately $2,407,033.35. This trade represents a 2.12% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Gordon Hardie acquired 8,000 shares of the stock in a transaction that occurred on Tuesday, August 5th. The shares were bought at an average cost of $13.10 per share, for a total transaction of $104,800.00. Following the completion of the transaction, 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. 0.93% of the stock is owned by insiders.

Institutional Trading of O-I Glass

A number of hedge funds have recently made changes to their positions in the business. Cooper Creek Partners Management LLC increased its stake in shares of O-I Glass by 18.2% during the fourth quarter. Cooper Creek Partners Management LLC now owns 11,082,262 shares of the industrial products company's stock worth $120,132,000 after purchasing an additional 1,705,216 shares during the period. FMR LLC increased its stake in shares of O-I Glass by 6.9% in the 4th quarter. FMR LLC now owns 10,054,398 shares of the industrial products company's stock valued at $108,990,000 after purchasing an additional 647,237 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of O-I Glass by 9.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,449,472 shares of the industrial products company's stock valued at $80,749,000 after purchasing an additional 617,460 shares during the last quarter. Levin Capital Strategies L.P. grew its position in O-I Glass by 6.0% during the 1st quarter. Levin Capital Strategies L.P. now owns 2,915,106 shares of the industrial products company's stock worth $33,436,000 after acquiring an additional 164,669 shares during the last quarter. Finally, Private Management Group Inc. grew its position in O-I Glass by 1.1% during the 1st quarter. Private Management Group Inc. now owns 2,868,100 shares of the industrial products company's stock worth $32,897,000 after acquiring an additional 29,827 shares during the last quarter. 97.24% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on OI shares. BNP Paribas Exane started coverage on O-I Glass in a research report on Wednesday, June 25th. They set an "outperform" rating and a $18.00 price objective on the stock. Wall Street Zen upgraded O-I Glass from a "hold" rating to a "buy" rating in a research report on Sunday, June 29th. Bank of America restated a "neutral" rating and set a $17.00 price objective (up from $15.00) on shares of O-I Glass in a research report on Wednesday, July 9th. Citigroup boosted their price objective on O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a research report on Thursday, July 3rd. Finally, Truist Financial set a $21.00 price target on O-I Glass and gave the company a "buy" rating in a research note on Friday, July 11th. Three analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, O-I Glass presently has a consensus rating of "Moderate Buy" and an average price target of $17.00.

O-I Glass Stock Up 0.4%

Shares of OI stock traded up $0.06 on Friday, hitting $13.42. 1,251,910 shares of the stock were exchanged, compared to its average volume of 1,929,549. The company has a current ratio of 1.24, a quick ratio of 0.77 and a debt-to-equity ratio of 3.58. The firm has a market capitalization of $2.07 billion, a P/E ratio of -8.13, a price-to-earnings-growth ratio of 0.26 and a beta of 0.92. The business has a 50-day moving average of $14.24 and a 200 day moving average of $12.69. O-I Glass has a fifty-two week low of $9.23 and a fifty-two week high of $16.04.

O-I Glass (NYSE:OI - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The industrial products company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.41 by $0.12. 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 $1.70 billion during the quarter, compared to analysts' expectations of $1.70 billion. During the same period in the prior year, the firm posted $0.44 earnings per share. The business's quarterly revenue was down 1.3% compared to the same quarter last year. Equities analysts anticipate 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.