Zacks Investment Research Downgrades Libbey Inc. (LBY) to Strong Sell
Libbey Inc. (NYSE:LBY) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors 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. “
Separately, TheStreet downgraded Libbey from a “c-” rating to a “d” rating in a research report on Tuesday.
Libbey (NYSE:LBY) traded up $0.66 on Friday, hitting $7.85. The stock had a trading volume of 444,499 shares.
Libbey (NYSE:LBY) last announced its quarterly earnings data on Tuesday, October 31st. The company reported ($3.57) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $187.30 million for the quarter, compared to analyst estimates of $193.74 million. During the same quarter last year, the company posted $0.13 EPS. Libbey’s revenue was down 4.9% on a year-over-year basis.
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Several large investors have recently made changes to their positions in LBY. Tudor Investment Corp ET AL acquired a new stake in shares of Libbey during the 2nd quarter valued at $127,000. Voya Investment Management LLC lifted its position in shares of Libbey by 18.1% during the 2nd quarter. Voya Investment Management LLC now owns 16,424 shares of the company’s stock valued at $132,000 after acquiring an additional 2,522 shares during the last quarter. Algert Global LLC acquired a new stake in shares of Libbey during the 2nd quarter valued at $159,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Libbey by 9.3% in the second quarter. The Manufacturers Life Insurance Company now owns 20,180 shares of the company’s stock valued at $163,000 after purchasing an additional 1,712 shares in the last quarter. Finally, Thrivent Financial For Lutherans purchased a new stake in shares of Libbey in the second quarter valued at $172,000.
Libbey Company Profile
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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