Libbey (LBY) Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Libbey (NYSEAMERICAN:LBY) from a hold rating to a sell rating in a report released on Thursday morning.

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 cut Libbey from a c- rating to a d rating in a research note on Tuesday, October 31st.

Shares of Libbey (NYSEAMERICAN LBY) traded down $0.09 during midday trading on Thursday, hitting $7.71. The stock had a trading volume of 156,597 shares, compared to its average volume of 241,238. Libbey has a twelve month low of $5.81 and a twelve month high of $18.62. The firm has a market capitalization of $169.74, a PE ratio of -1.92 and a beta of 1.11.

Libbey (NYSEAMERICAN:LBY) last issued its quarterly earnings data on Tuesday, October 31st. The company reported ($3.57) earnings per share for the quarter, missing the Zacks’ consensus estimate 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 firm had revenue of $187.30 million during the quarter, compared to analyst estimates of $193.74 million. During the same period in the previous year, the firm posted $0.13 earnings per share. The company’s quarterly revenue was down 4.9% compared to the same quarter last year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP grew its stake in Libbey by 153.4% during the 3rd quarter. GSA Capital Partners LLP now owns 119,100 shares of the company’s stock worth $1,103,000 after purchasing an additional 72,096 shares in the last quarter. California Public Employees Retirement System grew its stake in Libbey by 24.7% during the 3rd quarter. California Public Employees Retirement System now owns 124,726 shares of the company’s stock worth $1,155,000 after purchasing an additional 24,726 shares in the last quarter. Royce & Associates LP acquired a new position in Libbey during the 3rd quarter worth $2,222,000. Finally, Spitfire Capital LLC grew its stake in Libbey by 6.0% during the 3rd quarter. Spitfire Capital LLC now owns 961,437 shares of the company’s stock worth $8,903,000 after purchasing an additional 54,281 shares in the last quarter.

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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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