Public Sector Pension Investment Board Buys Shares of 626,094 Neogen Corporation $NEOG

Key Points

• The Public Sector Pension Investment Board acquired 626,094 shares of Neogen Corporation (NASDAQ:NEOG) during the first quarter, valued at approximately $5.43 million, bringing its total ownership to 0.29% of the company.
• Neogen's shares fell 1.3%, with a current market cap of $1.18 billion and a price-to-earnings ratio of -1.08, reflecting ongoing challenges for the stock.
• A recent analysis by Piper Sandler reduced Neogen's target price from $6.40 to $5.00, indicating a shift to a "neutral" rating amidst various other downgrades from analysts.

Public Sector Pension Investment Board acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 626,094 shares of the company's stock, valued at approximately $5,428,000. Public Sector Pension Investment Board owned approximately 0.29% of Neogen at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NEOG. Vanguard Group Inc. increased its position in Neogen by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock valued at $204,180,000 after purchasing an additional 1,912,877 shares during the period. Conestoga Capital Advisors LLC lifted its stake in Neogen by 0.4% during the 1st quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company's stock valued at $74,049,000 after acquiring an additional 37,271 shares during the period. Bamco Inc. NY lifted its stake in Neogen by 16.2% during the 4th quarter. Bamco Inc. NY now owns 8,485,308 shares of the company's stock valued at $103,012,000 after acquiring an additional 1,182,193 shares during the period. Mackenzie Financial Corp lifted its stake in shares of Neogen by 5.7% in the 4th quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company's stock valued at $95,012,000 after purchasing an additional 423,923 shares during the period. Finally, T. Rowe Price Investment Management Inc. lifted its stake in shares of Neogen by 27.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company's stock valued at $86,373,000 after purchasing an additional 1,521,560 shares during the period. Institutional investors own 96.73% of the company's stock.

Neogen Trading Up 1.3%

Shares of NEOG traded up $0.07 during mid-day trading on Tuesday, reaching $5.61. The stock had a trading volume of 2,937,023 shares, compared to its average volume of 5,760,932. 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. The business's fifty day moving average is $5.11 and its 200 day moving average is $6.71. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -1.12 and a beta of 1.79.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on NEOG shares. Piper Sandler dropped their target price on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd. Guggenheim dropped their target price on shares of Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, June 30th. Finally, William Blair lowered shares of Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock 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.