Lifeway Foods, Inc. (NASDAQ:LWAY) hit a new 52-week low on Thursday . The stock traded as low as $8.18 and last traded at $8.18, with a volume of 17,382 shares traded. The stock had previously closed at $8.38.

Separately, Zacks Investment Research raised Lifeway Foods from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 27th.

The firm has a 50 day moving average of $9.10 and a 200 day moving average of $9.77. The company has a market cap of $130.95 million, a P/E ratio of 83.16 and a beta of 0.64.

Lifeway Foods declared that its board has authorized a share buyback program on Monday, June 26th that allows the company to repurchase $6.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 4% of its shares through a tender offer. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in Lifeway Foods by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 343,833 shares of the company’s stock worth $3,689,000 after purchasing an additional 5,942 shares in the last quarter. Kennedy Capital Management Inc. lifted its stake in Lifeway Foods by 85.4% in the 1st quarter. Kennedy Capital Management Inc. now owns 30,541 shares of the company’s stock worth $328,000 after purchasing an additional 14,068 shares in the last quarter. Financial & Investment Management Group Ltd. purchased a new position in Lifeway Foods in the 2nd quarter worth approximately $145,000. TFS Capital LLC purchased a new position in Lifeway Foods in the 1st quarter worth approximately $153,000. Finally, Teton Advisors Inc. lifted its stake in Lifeway Foods by 7.4% in the 2nd quarter. Teton Advisors Inc. now owns 166,819 shares of the company’s stock worth $1,558,000 after purchasing an additional 11,519 shares in the last quarter. 16.61% of the stock is currently owned by institutional investors and hedge funds.

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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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