Libbey raised to hold by Zacks

Zacks has upgraded shares of Libbey (NYSE:LBY) from a strong sell rating to a hold rating in a research note released last week.

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, analysts at Piper Jaffray initiated coverage on shares of Libbey in a research note on Thursday, June 11th. They set an overweight rating and a $48.00 price target on the stock. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Libbey has an average rating of Hold and an average price target of $66.75.

Libbey (NYSE:LBY) traded down 1.59% on Monday 8th, hitting $39.50. 69,242 shares of the company’s stock traded hands. Libbey has a one year low of $22.36 and a one year high of $42.04. The stock’s 50-day moving average is $40.54 and its 200-day moving average is $37.65. The company has a market cap of $858.93 million and a price-to-earnings ratio of 77.15.

Libbey last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.16 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.16. The company had revenue of $187.40 million for the quarter, compared to the consensus estimate of $189.10 million. During the same quarter in the prior year, the company posted ($0.16) earnings per share. The company’s quarterly revenue was up 3.2% on a year-over-year basis. On average, analysts predict that Libbey will post $2.19 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 26th were paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 1.10%. The ex-dividend date was Thursday, May 21st.