Libbey (LBY) Rating Increased to Hold at Zacks Investment Research

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Libbey (NYSEAMERICAN:LBY) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued 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. “

NYSEAMERICAN:LBY traded down $0.06 during mid-day trading on Wednesday, hitting $4.49. The stock had a trading volume of 200 shares, compared to its average volume of 149,471. Libbey has a twelve month low of $3.45 and a twelve month high of $11.54.

Libbey (NYSEAMERICAN:LBY) last released its quarterly earnings results on Tuesday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.37). The business had revenue of $191.56 million for the quarter.

In related news, major shareholder Brigade Capital Management, Lp purchased 130,000 shares of the stock in a transaction on Thursday, December 13th. The shares were purchased at an average cost of $5.66 per share, with a total value of $735,800.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

A number of institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC bought a new position in shares of Libbey during the second quarter worth approximately $2,143,000. EAM Investors LLC bought a new position in shares of Libbey during the third quarter worth approximately $1,571,000. BlackRock Inc. increased its holdings in shares of Libbey by 63.2% during the third quarter. BlackRock Inc. now owns 438,014 shares of the company’s stock worth $3,832,000 after purchasing an additional 169,676 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Libbey by 133.2% during the third quarter. JPMorgan Chase & Co. now owns 260,578 shares of the company’s stock worth $2,280,000 after purchasing an additional 148,831 shares during the period. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Libbey by 7.5% during the third quarter. Frontier Capital Management Co. LLC now owns 2,026,079 shares of the company’s stock worth $17,728,000 after purchasing an additional 140,994 shares during the period.

Libbey Company Profile

Libbey Inc designs, produces, and sells tableware and other products worldwide. It offers glass tableware products, including tumblers, stemware, mugs, bowls, vases, salt and pepper shakers, shot glasses, canisters, candleholders, and other items; storage ware; serve ware; bakeware; handmade glass tableware; and other components for original equipment manufacturers, such as blender jars and mixing bowls.

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