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

Key Points

• O-I Glass experienced a significant surge in call option purchases, with a staggering 3,039% increase compared to its average volume, totaling 2,354 call options traded.
• Insider trading activity included SVP Darrow A. Abrahams acquiring 3,828 shares and CEO Gordon Hardie purchasing 8,000 shares, reflecting confidence in the company's outlook.
• Several institutional investors increased their holdings in O-I Glass, with Millennium Management LLC boosting its stake by 251.7% in the fourth quarter, now owning 1,458,102 shares.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on OI. Wells Fargo & Company reiterated a "mixed" rating on shares of O-I Glass in a report on Monday, August 4th. Citigroup upped their target price on O-I Glass from $14.00 to $16.00 and gave the company a "neutral" rating in a report on Thursday, July 3rd. BNP Paribas Exane initiated coverage on O-I Glass in a report on Wednesday, June 25th. They issued an "outperform" rating and a $18.00 price objective on the stock. Bank of America restated a "neutral" rating and issued a $17.00 price objective (up previously from $15.00) on shares of O-I Glass in a report on Wednesday, July 9th. Finally, Truist Financial set a $21.00 price objective on O-I Glass and gave the stock a "buy" rating in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $17.00.

O-I Glass Trading Up 2.5%

OI traded up $0.32 during midday trading on Friday, reaching $13.13. 3,954,235 shares of the company were exchanged, compared to its average volume of 1,466,129. 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 $2.02 billion, a P/E ratio of -7.95, a PEG ratio of 0.25 and a beta of 0.93. The stock's 50-day simple moving average is $13.39 and its 200 day simple moving average is $13.01.

O-I Glass (NYSE:OI - Get Free Report) last issued its earnings results on Tuesday, July 29th. The industrial products company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.70 billion. During the same quarter last year, the business earned $0.44 earnings per share. The company's revenue was down 1.3% compared to the same quarter last year. O-I Glass has set its FY 2025 guidance at 1.300-1.55 EPS. As a group, analysts forecast that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Insider Transactions at O-I Glass

In other news, CEO Gordon Hardie acquired 8,000 shares of O-I Glass 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 purchase, the chief executive officer owned 515,817 shares of the company's stock, valued at $6,757,202.70. This represents a 1.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Darrow A. Abrahams bought 3,828 shares of the company's stock in a transaction dated Tuesday, August 5th. The stock was acquired at an average price of $13.05 per share, for a total transaction of $49,955.40. Following the acquisition, the senior vice president directly owned 184,447 shares in the company, valued at $2,407,033.35. This trade represents a 2.12% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On O-I Glass

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. lifted its holdings in shares of O-I Glass by 2.3% during the 1st quarter. Principal Financial Group Inc. now owns 767,260 shares of the industrial products company's stock valued at $8,800,000 after purchasing an additional 17,254 shares in the last quarter. SG Americas Securities LLC lifted its holdings 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 purchasing an additional 24,743 shares in the last quarter. American Century Companies Inc. lifted its holdings 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 purchasing an additional 32,339 shares in the last quarter. GAMMA Investing LLC lifted its holdings 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 purchasing an additional 1,142 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of O-I Glass during the 1st quarter valued at about $658,000. Institutional investors own 97.24% of the company's stock.

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.