Libbey Inc. (LBY) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of Libbey Inc. (NYSE:LBY) from a buy rating to a hold rating in a research note released 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. “
Libbey (NYSE:LBY) traded up 0.62% during trading on Friday, reaching $9.71. 84,666 shares of the company’s stock were exchanged. Libbey has a 52 week low of $7.33 and a 52 week high of $20.76. The company’s 50 day moving average price is $8.90 and its 200-day moving average price is $8.99. The stock’s market capitalization is $213.76 million.
Libbey (NYSE:LBY) last announced its quarterly earnings data on Tuesday, August 1st. The company reported $0.36 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.16. Libbey had a negative net margin of 0.42% and a negative return on equity of 2.32%. The firm had revenue of $197.50 million for the quarter, compared to the consensus estimate of $198.29 million. During the same period in the previous year, the firm posted $0.40 earnings per share. The firm’s revenue was down 5.0% on a year-over-year basis. On average, equities analysts expect that Libbey will post $0.30 EPS for the current year.
A number of hedge funds have recently bought and sold shares of the business. Sterneck Capital Management LLC grew its position in Libbey by 56.8% in the second quarter. Sterneck Capital Management LLC now owns 312,913 shares of the company’s stock worth $2,522,000 after acquiring an additional 113,319 shares in the last quarter. Albion Financial Group UT grew its position in Libbey by 38.6% in the second quarter. Albion Financial Group UT now owns 35,344 shares of the company’s stock worth $285,000 after acquiring an additional 9,852 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Libbey by 9.3% in the second quarter. The Manufacturers Life Insurance Company now owns 20,180 shares of the company’s stock worth $163,000 after acquiring an additional 1,712 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Libbey in the second quarter worth approximately $298,000. Finally, State Street Corp grew its position in Libbey by 6.9% in the second quarter. State Street Corp now owns 503,763 shares of the company’s stock worth $4,060,000 after acquiring an additional 32,611 shares in the last quarter.
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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