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

Other hedge funds and other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc lifted its stake in Neogen by 1,495.4% during the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after acquiring an additional 2,931 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in Neogen by 388.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company's stock valued at $87,000 after acquiring an additional 8,010 shares during the period. Lindenwold Advisors INC bought a new position in Neogen during the 1st quarter valued at about $92,000. Angeles Wealth Management LLC bought a new position in Neogen during the 1st quarter valued at about $99,000. Finally, KBC Group NV lifted its stake in Neogen by 44.1% during the 1st quarter. KBC Group NV now owns 12,198 shares of the company's stock valued at $106,000 after acquiring an additional 3,734 shares during the period. Institutional investors own 96.73% of the company's stock.

Analyst Ratings Changes

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

Neogen Stock Performance

Shares of NASDAQ:NEOG traded up $0.21 during mid-day trading on Thursday, reaching $5.67. 5,418,019 shares of the company traded hands, compared to its average volume of 5,410,605. The company's 50 day moving average price is $5.31 and its 200-day moving average price is $6.04. The firm has a market cap of $1.23 billion, a PE ratio of -1.13 and a beta of 1.85. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.22. Neogen Corporation has a 52 week low of $3.87 and a 52 week high of $17.95.

Neogen Company 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.