Zacks Investment Research Upgrades Libbey (LBY) to “Hold”

Libbey (NYSEAMERICAN:LBY) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued on Wednesday, January 3rd.

According to Zacks, “Libbey is the leading producer of glass tableware in the U.S. and Canada. Libbey is also a major supplier of other tabletop products to the foodservice industry in the U.S. Libbey’s products are sold to a broad range of foodservice, retail, industrial and premium customers and are exported to more than 100 countries. The Company designs, manufactures and markets, under the LIBBEY(R) brand name, an extensive line of high-quality, machine-made glass beverageware and other glass tableware, including plates, bowls, serveware and accessories. “

Separately, TheStreet downgraded shares of Libbey from a “c-” rating to a “d” rating in a research report on Tuesday, October 31st.

Shares of Libbey (NYSEAMERICAN LBY) opened at $7.80 on Wednesday. Libbey has a one year low of $5.81 and a one year high of $18.62. The firm has a market cap of $169.96, a P/E ratio of -1.95 and a beta of 1.11.

Libbey (NYSEAMERICAN:LBY) last posted its quarterly earnings results on Tuesday, October 31st. The company reported ($3.57) earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($3.88). Libbey had a negative net margin of 41.83% and a negative return on equity of 290.54%. The company had revenue of $187.30 million during the quarter, compared to analyst estimates of $193.74 million. During the same quarter in the previous year, the business posted $0.13 earnings per share. The company’s revenue for the quarter was down 4.9% on a year-over-year basis.

A number of institutional investors have recently added to or reduced their stakes in LBY. GSA Capital Partners LLP increased its stake in shares of Libbey by 153.4% in the 3rd quarter. GSA Capital Partners LLP now owns 119,100 shares of the company’s stock valued at $1,103,000 after acquiring an additional 72,096 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Libbey by 24.7% in the 3rd quarter. California Public Employees Retirement System now owns 124,726 shares of the company’s stock valued at $1,155,000 after acquiring an additional 24,726 shares in the last quarter. Spitfire Capital LLC increased its stake in shares of Libbey by 6.0% in the 3rd quarter. Spitfire Capital LLC now owns 961,437 shares of the company’s stock valued at $8,903,000 after acquiring an additional 54,281 shares in the last quarter. Finally, Royce & Associates LP bought a new stake in shares of Libbey in the 3rd quarter valued at $2,222,000.

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About Libbey

Libbey Inc is engaged in the design, production and sale of tableware and other products. The Company’s segments are U.S. & Canada; Latin America; Europe, the Middle East and Africa (EMEA) and Other. The U.S. & Canada segment includes sales of manufactured and sourced tableware having an end market destination in the United States and Canada, excluding glass products for original equipment manufacturers (OEMs), which remain in the Latin America segment.

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