Libbey (LBY) Cut 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 to clients and investors 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. “

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

Libbey (LBY) traded down $0.09 during midday trading on Thursday, reaching $7.71. The company’s stock had a trading volume of 156,597 shares, compared to its average volume of 241,238. The firm has a market cap of $169.74, a P/E ratio of -1.92 and a beta of 1.11. Libbey has a 12-month low of $5.81 and a 12-month high of $18.62.

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

Hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP raised its holdings 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 buying an additional 72,096 shares during the period. California Public Employees Retirement System increased its holdings 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 purchasing an additional 24,726 shares during the period. Royce & Associates LP acquired a new position in shares of Libbey in the 3rd quarter valued at about $2,222,000. Finally, Spitfire Capital LLC increased its holdings 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 purchasing an additional 54,281 shares during the period.

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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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