Vanguard Group Inc. Acquires 385,885 Shares of Neogen Corporation $NEOG

Vanguard Group Inc. lifted its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 1.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 23,963,223 shares of the company’s stock after acquiring an additional 385,885 shares during the period. Vanguard Group Inc. owned approximately 11.03% of Neogen worth $136,830,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NEOG. JPMorgan Chase & Co. boosted its holdings in Neogen by 19.9% during the third quarter. JPMorgan Chase & Co. now owns 1,680,212 shares of the company’s stock valued at $9,594,000 after purchasing an additional 278,886 shares in the last quarter. Public Sector Pension Investment Board grew its position in Neogen by 26.0% in the third quarter. Public Sector Pension Investment Board now owns 847,266 shares of the company’s stock valued at $4,838,000 after acquiring an additional 174,962 shares during the period. Plan A Wealth LLC bought a new stake in Neogen in the third quarter valued at $68,000. ING Groep NV acquired a new position in Neogen during the third quarter worth $80,288,000. Finally, Rhumbline Advisers lifted its holdings in shares of Neogen by 2.8% during the third quarter. Rhumbline Advisers now owns 655,379 shares of the company’s stock valued at $3,742,000 after acquiring an additional 17,565 shares during the period. Institutional investors own 96.73% of the company’s stock.

Neogen Stock Performance

Shares of NASDAQ:NEOG opened at $10.90 on Wednesday. The firm’s 50 day simple moving average is $9.68 and its 200 day simple moving average is $7.30. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $11.43. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -3.94 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.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The company had revenue of $224.69 million for the quarter, compared to analyst estimates of $208.50 million. Neogen had a positive return on equity of 2.14% and a negative net margin of 68.47%.Neogen’s revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.11 earnings per share. As a group, sell-side analysts forecast that Neogen Corporation will post 0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. CJS Securities raised shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target for the company in a report on Wednesday, December 10th. William Blair reissued a “market perform” rating on shares of Neogen in a research note on Monday. Guggenheim restated a “buy” rating and issued a $12.00 target price (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Finally, Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $10.67.

Neogen Profile

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.