Nuveen LLC Takes Position in Neogen Corporation $NEOG

Key Points

• Nuveen LLC has acquired 592,643 shares of Neogen Corporation, valued at approximately $5.1 million, marking a new position in the company.
• Neogen has a current market capitalization of $1.22 billion and has seen significant institutional investment, with hedge funds owning about 96.73% of its stock.
• Brokerages have mixed ratings for Neogen, with an average rating of "Hold" and a price target of $7.50, reflecting varying expectations about the company's future performance.

Nuveen LLC purchased a new position in Neogen Corporation (NASDAQ:NEOG - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 592,643 shares of the company's stock, valued at approximately $5,138,000. Nuveen LLC owned approximately 0.27% of Neogen at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of NEOG. Bank Pictet & Cie Europe AG lifted its stake in Neogen by 6.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 132,000 shares of the company's stock valued at $1,602,000 after acquiring an additional 8,000 shares during the period. Raymond James Financial Inc. bought a new position in Neogen during the 4th quarter valued at about $2,744,000. Guggenheim Capital LLC bought a new position in Neogen during the 4th quarter valued at about $147,000. Dimensional Fund Advisors LP lifted its stake in Neogen by 24.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company's stock valued at $84,254,000 after acquiring an additional 1,345,056 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in Neogen by 247.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,086 shares of the company's stock valued at $256,000 after acquiring an additional 15,022 shares during the period. Institutional investors own 96.73% of the company's stock.

Analyst Ratings Changes

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

Neogen Stock Performance

NASDAQ NEOG remained flat at $5.75 on Friday. 2,719,977 shares of the company's stock were exchanged, compared to its average volume of 5,530,617. Neogen Corporation has a 12 month low of $3.87 and a 12 month high of $17.95. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -1.14 and a beta of 1.79. The firm's 50 day moving average price is $5.16 and its 200-day moving average price is $6.47. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.22.

About Neogen

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.