Libbey (LBY) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Libbey (NYSEAMERICAN:LBY) from a sell rating to a hold rating in a report issued on Friday.

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. “

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Shares of NYSEAMERICAN:LBY opened at $5.82 on Friday. Libbey has a 12-month low of $4.60 and a 12-month high of $14.38.

Libbey (NYSEAMERICAN:LBY) last announced its quarterly earnings results on Tuesday, February 27th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.29 by ($0.31). Libbey had a negative net margin of 41.83% and a negative return on equity of 290.54%. The company had revenue of $224.83 million during the quarter, compared to analyst estimates of $212.74 million. During the same period in the previous year, the firm posted ($0.10) earnings per share. The company’s revenue was up 8.8% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 13th. Stockholders of record on Wednesday, February 28th were paid a dividend of $0.1175 per share. This represents a $0.47 annualized dividend and a dividend yield of 8.08%. This is an increase from Libbey’s previous quarterly dividend of $0.12. The ex-dividend date was Tuesday, February 27th.

Several hedge funds have recently made changes to their positions in the company. Fairpointe Capital LLC acquired a new position in shares of Libbey during the 4th quarter worth approximately $1,249,000. Macquarie Group Ltd. raised its stake in shares of Libbey by 79.3% during the 4th quarter. Macquarie Group Ltd. now owns 24,637 shares of the company’s stock worth $185,000 after buying an additional 10,900 shares during the period. Stone Ridge Asset Management LLC acquired a new position in shares of Libbey during the 4th quarter worth approximately $230,000. Brigade Capital Management LP raised its stake in shares of Libbey by 10.1% during the 4th quarter. Brigade Capital Management LP now owns 1,090,000 shares of the company’s stock worth $8,197,000 after buying an additional 100,000 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Libbey by 5.2% during the 4th quarter. Renaissance Technologies LLC now owns 467,200 shares of the company’s stock worth $3,513,000 after buying an additional 23,107 shares during the period.

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About Libbey

Libbey Inc designs, produces, and sells tableware and other products worldwide. It offers glass tableware products, including tumblers, stemware, mugs, bowls, vases, salt and pepper shakers, shot glasses, canisters, candleholders, and other items; storage ware; serve ware; bakeware; handmade glass tableware; and other components for original equipment manufacturers, such as blender jars and mixing bowls.

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