CenterBook Partners LP Sells 122,573 Shares of Neogen Corporation $NEOG

CenterBook Partners LP cut its stake in shares of Neogen Corporation (NASDAQ:NEOG) by 50.6% during the third quarter, HoldingsChannel.com reports. The firm owned 119,478 shares of the company’s stock after selling 122,573 shares during the period. CenterBook Partners LP’s holdings in Neogen were worth $1,529,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Neogen during the 2nd quarter valued at $300,545,000. Dimensional Fund Advisors LP boosted its holdings in Neogen by 23.4% in the first quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company’s stock worth $84,831,000 after purchasing an additional 1,733,767 shares in the last quarter. Bamco Inc. NY bought a new stake in Neogen in the second quarter worth $45,094,000. Cibc World Market Inc. acquired a new position in Neogen during the second quarter worth $31,469,000. Finally, Bank of America Corp DE acquired a new position in Neogen during the second quarter worth $28,280,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Performance

Shares of NASDAQ NEOG opened at $12.08 on Tuesday. Neogen Corporation has a 12 month low of $5.37 and a 12 month high of $14.26. The company has a market cap of $2.64 billion, a P/E ratio of -48.32, a P/E/G ratio of 4.45 and a beta of 1.86. The business’s 50 day moving average is $12.26 and its two-hundred day moving average is $10.50. The company has a quick ratio of 2.92, a current ratio of 3.90 and a debt-to-equity ratio of 0.37.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Tuesday, October 6th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.03. Neogen had a negative net margin of 6.35% and a positive return on equity of 3.29%. The firm had revenue of $222.80 million during the quarter, compared to the consensus estimate of $208.18 million. During the same period in the prior year, the firm earned $0.04 EPS. The business’s revenue was up 6.5% on a year-over-year basis. On average, equities analysts expect that Neogen Corporation will post 0.28 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Piper Sandler upgraded Neogen from a “neutral” rating to an “overweight” rating and raised their target price for the company from $13.00 to $14.00 in a report on Wednesday, August 26th. Wall Street Zen downgraded Neogen from a “strong-buy” rating to a “buy” rating in a research note on Sunday, October 11th. Guggenheim reissued a “buy” rating and set a $14.00 price objective (up from $12.00) on shares of Neogen in a report on Wednesday, September 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Neogen in a research note on Wednesday, November 4th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.67.

About Neogen

Neogen Corporation develops and markets products and services focused on food and animal safety. Its offerings help food producers, processors, laboratories and livestock producers detect risks, support animal health and meet safety and quality requirements.

Neogen’s food safety products include tests for foodborne pathogens, allergens, toxins and sanitation indicators, as well as related laboratory supplies and services. Its animal safety offerings include veterinary instruments, animal health products, biosecurity solutions and genetic testing services for livestock.

Founded in 1982, Neogen expanded its food safety business through its 2022 combination with 3M’s food safety business.