Libbey (LBY) Lowered to Sell at Zacks Investment Research

Libbey (NYSEAMERICAN:LBY) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

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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NYSEAMERICAN:LBY opened at $5.89 on Thursday. Libbey has a 1-year low of $4.60 and a 1-year high of $14.38.

Libbey (NYSEAMERICAN:LBY) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.02) earnings per share for the quarter, missing the 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 business had revenue of $224.83 million for 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 firm’s quarterly revenue was up 8.8% on a year-over-year basis.

A number of hedge funds and other institutional investors have recently modified their holdings of LBY. Aperio Group LLC purchased a new position in Libbey in the fourth quarter valued at about $104,000. Alambic Investment Management L.P. purchased a new position in Libbey in the fourth quarter valued at about $159,000. Virtu Financial LLC purchased a new position in Libbey in the fourth quarter valued at about $163,000. Investors Research Corp purchased a new position in Libbey in the fourth quarter valued at about $171,000. Finally, Macquarie Group Ltd. grew its stake in Libbey by 79.3% in the fourth quarter. Macquarie Group Ltd. now owns 24,637 shares of the company’s stock valued at $185,000 after purchasing an additional 10,900 shares in the last quarter.

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Libbey Company Profile

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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