Zacks Investment Research Upgrades Libbey Inc. (NYSE:LBY) to “Buy”

Libbey Inc. (NYSE:LBY) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Wednesday, October 18th. The brokerage presently has a $11.00 target price on the stock. Zacks Investment Research‘s price objective suggests a potential upside of 42.49% from the company’s current price.

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 (LBY) traded down $0.01 during mid-day trading on Wednesday, reaching $7.72. The company’s stock had a trading volume of 202,529 shares, compared to its average volume of 173,354. Libbey has a 52 week low of $6.12 and a 52 week high of $20.76.

Libbey (NYSE: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 consensus estimate of $0.31 by ($3.88). Libbey had a negative return on equity of 290.54% and a negative net margin of 41.83%. The business had revenue of $187.30 million for the quarter, compared to analysts’ expectations of $193.74 million. During the same quarter in the prior year, the firm earned $0.13 earnings per share. Libbey’s revenue for the quarter was down 4.9% compared to the same quarter last year.

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Hedge funds and other institutional investors have recently modified their holdings of the company. Nationwide Fund Advisors increased its holdings in shares of Libbey by 73.2% in the 2nd quarter. Nationwide Fund Advisors now owns 85,573 shares of the company’s stock valued at $690,000 after acquiring an additional 36,169 shares during the last quarter. Prudential Financial Inc. bought a new stake in shares of Libbey in the 2nd quarter valued at approximately $386,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Libbey in the 2nd quarter valued at approximately $298,000. GSA Capital Partners LLP increased its holdings in shares of Libbey by 215.4% in the 2nd quarter. GSA Capital Partners LLP now owns 47,004 shares of the company’s stock valued at $379,000 after acquiring an additional 32,100 shares during the last quarter. Finally, Sterneck Capital Management LLC increased its holdings in shares of Libbey by 56.8% in the 2nd quarter. Sterneck Capital Management LLC now owns 312,913 shares of the company’s stock valued at $2,522,000 after acquiring an additional 113,319 shares during 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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