Zacks Investment Research upgraded shares of Lifeway Foods, Inc. (NASDAQ:LWAY) from a hold rating to a strong-buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $9.75 target price on the stock.
According to Zacks, “LIFEWAY FOODS, INC. produces Kefir, a drinkable product similar to, but distinct from yogurt, in several flavors sold under the name Lifeway’s Kefir. “
Lifeway Foods (NASDAQ LWAY) opened at 8.15 on Thursday. The stock has a market capitalization of $130.95 million, a P/E ratio of 83.16 and a beta of 0.64. Lifeway Foods has a 1-year low of $8.12 and a 1-year high of $18.48. The firm’s 50 day moving average is $9.10 and its 200 day moving average is $9.77.
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Lifeway Foods announced that its Board of Directors has initiated a stock buyback program on Monday, June 26th that permits the company to buyback $6.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4% of its shares through a tender offer. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Lifeway Foods by 5.1% during the 2nd quarter. State Street Corp now owns 86,730 shares of the company’s stock valued at $811,000 after buying an additional 4,203 shares during the period. Dimensional Fund Advisors LP raised its holdings in Lifeway Foods by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 346,548 shares of the company’s stock valued at $3,237,000 after buying an additional 2,715 shares during the period. FMR LLC raised its holdings in Lifeway Foods by 0.9% during the 2nd quarter. FMR LLC now owns 279,939 shares of the company’s stock valued at $2,615,000 after buying an additional 2,513 shares during the period. Vanguard Group Inc. raised its holdings in Lifeway Foods by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 231,997 shares of the company’s stock valued at $2,166,000 after buying an additional 3,052 shares during the period. Finally, Northern Trust Corp raised its holdings in Lifeway Foods by 1.3% during the 2nd quarter. Northern Trust Corp now owns 62,380 shares of the company’s stock valued at $582,000 after buying an additional 819 shares during the period. Institutional investors own 16.61% of the company’s stock.
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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