498,424 Shares in Neogen Corporation $NEOG Purchased by Roubaix Capital LLC

Key Points

• Roubaix Capital LLC disclosed a new first-quarter position in Neogen, buying 498,424 shares worth about $4.63 million. The stake represents roughly 0.23% of Neogen and about 2.2% of Roubaix’s portfolio.
• Institutional ownership remains very high, with 96.73% of Neogen shares held by hedge funds and other institutions. The article also notes several other investors increased or initiated positions in the company.
• Neogen shares were down 0.6% to open at $10.27, while analysts currently have an average “Hold” rating and a consensus price target of $10.67.

Roubaix Capital LLC bought a new position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 498,424 shares of the company's stock, valued at approximately $4,630,000. Neogen makes up 2.2% of Roubaix Capital LLC's portfolio, making the stock its 24th largest position. Roubaix Capital LLC owned about 0.23% of Neogen as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the business. UMB Bank n.a. lifted its position in shares of Neogen by 238.2% in the 4th quarter. UMB Bank n.a. now owns 6,422 shares of the company's stock worth $45,000 after purchasing an additional 4,523 shares during the period. Hantz Financial Services Inc. increased its holdings in Neogen by 816.9% during the fourth quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company's stock valued at $53,000 after buying an additional 6,764 shares during the period. Cresset Asset Management LLC purchased a new position in Neogen during the second quarter valued at approximately $53,000. Evergreen Capital Management LLC bought a new position in Neogen in the second quarter worth approximately $56,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Neogen by 3,158.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 8,309 shares of the company's stock worth $58,000 after buying an additional 8,054 shares in the last quarter. Hedge funds and other institutional investors own 96.73% of the company's stock.

Neogen Stock Down 0.6%

Shares of Neogen stock opened at $10.27 on Friday. The company has a quick ratio of 2.84, a current ratio of 3.92 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.24 billion, a P/E ratio of -3.67, a PEG ratio of 4.60 and a beta of 1.80. The firm's 50 day moving average price is $9.15 and its 200-day moving average price is $9.46. Neogen Corporation has a 52-week low of $4.56 and a 52-week high of $11.43.

Analysts Set New Price Targets

Several brokerages have issued reports on NEOG. Wall Street Zen raised Neogen from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Neogen in a research report on Wednesday, July 8th. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $10.67.

Neogen Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.