Bank of New York Mellon Corp Lowers Stake in Lifeway Foods, Inc. (LWAY)
Bank of New York Mellon Corp reduced its stake in Lifeway Foods, Inc. (NASDAQ:LWAY) by 0.5% during the first quarter, Holdings Channel reports. The firm owned 20,458 shares of the company’s stock after selling 99 shares during the period. Bank of New York Mellon Corp’s holdings in Lifeway Foods were worth $220,000 at the end of the most recent quarter.
Separately, Renaissance Technologies LLC increased its position in shares of Lifeway Foods by 35.8% in the fourth quarter. Renaissance Technologies LLC now owns 185,700 shares of the company’s stock valued at $2,137,000 after buying an additional 49,000 shares during the period. 17.31% of the stock is currently owned by hedge funds and other institutional investors.
Lifeway Foods, Inc. (NASDAQ:LWAY) opened at 9.38 on Wednesday. Lifeway Foods, Inc. has a one year low of $8.31 and a one year high of $18.48. The firm has a market cap of $151.52 million, a P/E ratio of 57.20 and a beta of 0.61. The company has a 50-day moving average of $9.35 and a 200 day moving average of $10.10.
Lifeway Foods declared that its board has initiated a share buyback plan on Monday, June 26th that authorizes the company to repurchase $6.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4% of its shares through a tender offer. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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Separately, Zacks Investment Research upgraded shares of Lifeway Foods from a “strong sell” rating to a “hold” rating in a report on Thursday, July 27th.
Lifeway Foods Company Profile
Lifeway Foods, Inc (Lifeway) is engaged in the manufacturing of probiotic, cultured, functional dairy health food products. The Company is engaged in the sale of fermented dairy products, which are produced and are sold to consumers through a network of distributors and retailers in the United States.
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