Millennium Management LLC Takes Position in Neogen Corporation $NEOG

Key Points

• Millennium Management LLC has acquired 2,394,528 shares of Neogen Corporation, representing approximately $20.76 million, giving them a 1.10% ownership stake.
• Neogen stock is currently down 4.2%, with a recent trading price of $5.50, while analysts have mixed ratings on the stock, with a consensus rating of "Hold" and a price target of $7.50.
• The majority of Neogen's stock, 96.73%, is held by institutional investors, indicating strong interest from large financial entities.

Millennium Management LLC purchased a new position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,394,528 shares of the company's stock, valued at approximately $20,761,000. Millennium Management LLC owned approximately 1.10% of Neogen as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NEOG. Bank Pictet & Cie Europe AG raised its holdings in Neogen by 6.5% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 132,000 shares of the company's stock worth $1,602,000 after purchasing an additional 8,000 shares in the last quarter. Deutsche Bank AG raised its holdings in Neogen by 52.9% during the fourth quarter. Deutsche Bank AG now owns 188,609 shares of the company's stock worth $2,290,000 after purchasing an additional 65,293 shares in the last quarter. Focus Partners Wealth purchased a new position in Neogen in the fourth quarter valued at about $342,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Neogen by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 124,175 shares of the company's stock valued at $1,507,000 after buying an additional 4,746 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in Neogen in the fourth quarter valued at about $317,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Trading Down 0.5%

NASDAQ:NEOG traded down $0.03 during trading hours on Monday, reaching $5.47. 4,161,946 shares of the company were exchanged, compared to its average volume of 5,438,408. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.22. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -1.09 and a beta of 1.84. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $17.95. The stock has a 50 day simple moving average of $5.31 and a 200 day simple moving average of $6.08.

Analysts Set New Price Targets

NEOG has been the subject of a number of research analyst reports. William Blair cut shares of Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. Zacks Research raised shares of Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Finally, Guggenheim lowered their price target on shares of Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, June 30th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $7.50.

Neogen Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.