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 to investors on Wednesday.

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

Shares of Libbey (NYSEAMERICAN:LBY) opened at $7.72 on Wednesday. The firm has a market capitalization of $165.56, a P/E ratio of -1.93 and a beta of 1.11. Libbey has a twelve month low of $5.81 and a twelve month high of $19.63.

Libbey (NYSEAMERICAN:LBY) last announced its quarterly earnings results on Tuesday, October 31st. The company reported ($3.57) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.31 by ($3.88). The firm had revenue of $187.30 million for the quarter, compared to analysts’ expectations of $193.74 million. Libbey had a negative return on equity of 290.54% and a negative net margin of 41.83%. Libbey’s revenue was down 4.9% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS.

Several large investors have recently made changes to their positions in LBY. Royce & Associates LP purchased a new stake in shares of Libbey during the 3rd quarter worth approximately $2,222,000. GSA Capital Partners LLP boosted its stake in shares of 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 acquiring an additional 72,096 shares in the last quarter. Spitfire Capital LLC boosted its stake in shares of 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 acquiring an additional 54,281 shares in the last quarter. Finally, California Public Employees Retirement System boosted its stake in shares of 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 acquiring an additional 24,726 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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