Heartland Advisors Inc. acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG – Free Report) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 1,000,000 shares of the company’s stock, valued at approximately $8,990,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Neogen in the 2nd quarter worth about $300,545,000. Dimensional Fund Advisors LP boosted its stake in Neogen by 23.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company’s stock valued at $84,831,000 after purchasing an additional 1,733,767 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in Neogen by 249.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company’s stock worth $57,191,000 after purchasing an additional 5,838,570 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Neogen by 1.0% during the 4th quarter. Mackenzie Financial Corp now owns 7,898,439 shares of the company’s stock worth $55,574,000 after purchasing an additional 79,010 shares in the last quarter. Finally, Cibc World Markets Corp purchased a new stake in shares of Neogen in the fourth quarter worth approximately $47,983,000. 96.73% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on NEOG. Weiss Ratings raised Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 7th. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $13.00 target price (up from $11.00) on shares of Neogen in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $11.67.
Neogen Price Performance
Shares of NASDAQ NEOG opened at $11.95 on Friday. The company has a market capitalization of $2.61 billion, a PE ratio of -398.33, a PEG ratio of 4.67 and a beta of 1.77. The company has a quick ratio of 2.91, a current ratio of 3.82 and a debt-to-equity ratio of 0.38. The stock’s 50 day moving average price is $10.22 and its 200-day moving average price is $9.83. Neogen Corporation has a twelve month low of $4.90 and a twelve month high of $12.85.
Neogen (NASDAQ:NEOG – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The business had revenue of $225.30 million for the quarter, compared to analyst estimates of $212.35 million. During the same period last year, the company posted ($2.82) earnings per share. Neogen’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities analysts anticipate that Neogen Corporation will post 0.25 EPS for the current year.
About Neogen
Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.
In the food safety arena, Neogen’s product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.
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