96,701 Shares in Neogen Corporation $NEOG Bought by Burgundy Asset Management Ltd.

Key Points

• Burgundy Asset Management Ltd. purchased 96,701 shares of Neogen Corporation, valued at approximately $838,000, marking a new position in the company.
• Several hedge funds, including Roubaix Capital LLC and Neuberger Berman Group LLC, have significantly increased their stakes in Neogen during the first quarter, reflecting growing institutional interest.
• Wall Street analysts have mixed sentiments, with Piper Sandler lowering their price target for Neogen from $6.40 to $5.00, indicating a cautious outlook for the stock.

Burgundy Asset Management Ltd. purchased a new position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 96,701 shares of the company's stock, valued at approximately $838,000.

A number of other large investors also recently added to or reduced their stakes in NEOG. Bank Pictet & Cie Europe AG lifted its stake 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. Wells Fargo & Company MN lifted its stake in Neogen by 5.3% during the fourth quarter. Wells Fargo & Company MN now owns 235,805 shares of the company's stock worth $2,863,000 after purchasing an additional 11,774 shares in the last quarter. Invesco Ltd. lifted its stake in Neogen by 36.0% during the fourth quarter. Invesco Ltd. now owns 640,623 shares of the company's stock worth $7,777,000 after purchasing an additional 169,652 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Neogen during the fourth quarter worth $2,744,000. Finally, Barclays PLC lifted its stake in Neogen by 29.6% during the fourth quarter. Barclays PLC now owns 475,365 shares of the company's stock worth $5,771,000 after purchasing an additional 108,612 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Up 1.3%

Shares of NEOG traded up $0.07 during midday 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. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $17.95. The company's fifty day simple moving average is $5.11 and its two-hundred day simple moving average is $6.71. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -1.12 and a beta of 1.79. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.22.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Piper Sandler decreased their price target on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a research report on Tuesday, April 22nd. William Blair cut shares of Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Finally, Guggenheim decreased 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 two have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $7.50.

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.