Neogen Corporation $NEOG Stock Position Decreased by Fred Alger Management LLC

Fred Alger Management LLC trimmed its position in shares of Neogen Corporation (NASDAQ:NEOG) by 59.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 1,685,965 shares of the company’s stock after selling 2,495,242 shares during the period. Fred Alger Management LLC’s holdings in Neogen were worth $9,627,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Bank of America Corp DE raised its position in Neogen by 21.1% during the third quarter. Bank of America Corp DE now owns 4,082,681 shares of the company’s stock valued at $23,312,000 after acquiring an additional 710,332 shares in the last quarter. Boothbay Fund Management LLC grew its position in Neogen by 159.3% in the third quarter. Boothbay Fund Management LLC now owns 56,142 shares of the company’s stock worth $321,000 after acquiring an additional 34,490 shares in the last quarter. Aquatic Capital Management LLC acquired a new position in shares of Neogen during the 3rd quarter worth $3,047,000. ArrowMark Colorado Holdings LLC increased its stake in shares of Neogen by 28.5% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,116,609 shares of the company’s stock worth $6,376,000 after purchasing an additional 247,609 shares during the last quarter. Finally, Creative Planning raised its holdings in shares of Neogen by 28.4% during the 3rd quarter. Creative Planning now owns 64,352 shares of the company’s stock valued at $367,000 after purchasing an additional 14,252 shares in the last quarter. Institutional investors own 96.73% of the company’s stock.

Neogen Trading Up 0.2%

Shares of Neogen stock opened at $9.11 on Tuesday. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $11.43. The firm has a market capitalization of $1.98 billion, a PE ratio of -3.29 and a beta of 1.95. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.91 and a quick ratio of 2.80. The company’s fifty day moving average price is $10.16 and its two-hundred day moving average price is $7.56.

Neogen (NASDAQ:NEOG) last issued its earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.03. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The business had revenue of $224.69 million for the quarter, compared to analyst estimates of $208.50 million. During the same period in the previous year, the business earned $0.11 EPS. The firm’s revenue was down 2.9% on a year-over-year basis. On average, analysts expect that Neogen Corporation will post 0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

NEOG has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. William Blair restated a “market perform” rating on shares of Neogen in a report on Monday, March 2nd. Guggenheim reaffirmed a “buy” rating and issued a $12.00 price target (up from $8.00) on shares of Neogen in a research report on Friday, January 9th. Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Piper Sandler reissued a “neutral” rating and set a $10.00 price objective (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Neogen currently has an average rating of “Hold” and an average price target of $10.67.

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.