Bank of New York Mellon Corp Raises Position in Lakeland Industries, Inc. (NASDAQ:LAKE)

Bank of New York Mellon Corp increased its stake in Lakeland Industries, Inc. (NASDAQ:LAKE) by 6.8% during the fourth quarter, HoldingsChannel reports. The firm owned 46,001 shares of the medical instruments supplier’s stock after acquiring an additional 2,928 shares during the period. Bank of New York Mellon Corp’s holdings in Lakeland Industries were worth $1,175,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. IFP Advisors Inc purchased a new stake in Lakeland Industries in the 4th quarter worth about $36,000. Empowered Funds LLC raised its position in shares of Lakeland Industries by 4.6% in the third quarter. Empowered Funds LLC now owns 12,129 shares of the medical instruments supplier’s stock valued at $244,000 after purchasing an additional 536 shares during the period. Barclays PLC purchased a new stake in shares of Lakeland Industries during the 3rd quarter valued at approximately $306,000. High Falls Advisors Inc boosted its holdings in Lakeland Industries by 46.2% in the 3rd quarter. High Falls Advisors Inc now owns 28,472 shares of the medical instruments supplier’s stock worth $572,000 after buying an additional 9,000 shares during the period. Finally, Diversified Investment Strategies LLC grew its stake in Lakeland Industries by 30.0% in the 4th quarter. Diversified Investment Strategies LLC now owns 32,500 shares of the medical instruments supplier’s stock valued at $830,000 after buying an additional 7,500 shares in the last quarter. 71.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LAKE. Roth Mkm boosted their target price on shares of Lakeland Industries from $27.00 to $29.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Lake Street Capital began coverage on Lakeland Industries in a research note on Tuesday, March 11th. They set a “buy” rating and a $30.00 price objective on the stock.

Lakeland Industries Price Performance

LAKE stock opened at $21.09 on Tuesday. The firm has a 50 day moving average of $22.98 and a 200-day moving average of $22.06. The firm has a market capitalization of $200.33 million, a P/E ratio of -234.33 and a beta of 0.96. Lakeland Industries, Inc. has a 12 month low of $15.10 and a 12 month high of $27.28. The company has a current ratio of 4.23, a quick ratio of 1.77 and a debt-to-equity ratio of 0.25.

Lakeland Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, February 24th. Shareholders of record on Monday, February 17th were issued a $0.03 dividend. This represents a $0.12 annualized dividend and a yield of 0.57%. The ex-dividend date of this dividend was Friday, February 14th. Lakeland Industries’s payout ratio is -133.33%.

Insider Activity

In related news, COO An Hui bought 2,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was acquired at an average cost of $22.00 per share, for a total transaction of $44,000.00. Following the completion of the transaction, the chief operating officer now directly owns 53,912 shares in the company, valued at $1,186,064. This trade represents a 3.85 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Nikki Hamblin purchased 1,590 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was bought at an average cost of $22.00 per share, with a total value of $34,980.00. Following the purchase, the director now owns 17,452 shares in the company, valued at approximately $383,944. This represents a 10.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 8,988 shares of company stock worth $202,283 in the last three months. Corporate insiders own 4.20% of the company’s stock.

Lakeland Industries Profile

Lakeland Industries, Inc manufactures and sells industrial protective clothing and accessories for the industrial and public protective clothing market worldwide. It offers firefighting and heat protective apparel to protect against fire; high-end chemical protective suits to provide protection from highly concentrated, toxic and/or lethal chemicals, and biological toxins; and limited use/disposable protective clothing, such as coveralls, laboratory coats, shirts, pants, hoods, aprons, sleeves, arm guards, caps, and smocks.