Alberta Investment Management Corp Purchases Shares of 61,738 Neogen Corporation (NASDAQ:NEOG)

Key Points

• Alberta Investment Management Corp has invested approximately $535,000 in Neogen Corporation by acquiring 61,738 shares in the first quarter.
• Other institutional investors have also increased their stakes in Neogen, with 96.73% of the company's stock currently owned by hedge funds and institutional investors.
• Analysts have recently downgraded Neogen's stock, with Guggenheim lowering its price target from $13.00 to $10.00 while still maintaining a "buy" rating.

Alberta Investment Management Corp acquired a new position in Neogen Corporation (NASDAQ:NEOG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 61,738 shares of the company's stock, valued at approximately $535,000.

Other large investors also recently added to or reduced their stakes in the company. Natixis Advisors LLC lifted its holdings in Neogen by 40.7% during the first quarter. Natixis Advisors LLC now owns 125,051 shares of the company's stock valued at $1,084,000 after purchasing an additional 36,156 shares during the last quarter. Bryce Point Capital LLC bought a new stake in Neogen during the 1st quarter valued at $991,000. LPL Financial LLC raised its holdings in Neogen by 7.6% during the 1st quarter. LPL Financial LLC now owns 192,759 shares of the company's stock valued at $1,567,000 after acquiring an additional 13,626 shares during the period. Inspire Advisors LLC lifted its position in shares of Neogen by 47.8% during the first quarter. Inspire Advisors LLC now owns 21,025 shares of the company's stock worth $182,000 after acquiring an additional 6,799 shares in the last quarter. Finally, Angeles Wealth Management LLC bought a new position in shares of Neogen in the first quarter worth $99,000. Hedge funds and other institutional investors own 96.73% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Piper Sandler decreased their price objective on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. Guggenheim decreased their price target on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, June 30th. Finally, William Blair lowered shares of Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th.

Insider Activity

In other Neogen news, Director Aashima Gupta acquired 16,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was bought at an average price of $6.25 per share, with a total value of $100,000.00. Following the completion of the acquisition, the director owned 21,917 shares of the company's stock, valued at $136,981.25. This trade represents a 270.41% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 1.13% of the company's stock.

Neogen Price Performance

NASDAQ:NEOG traded up $0.09 during trading hours on Wednesday, hitting $4.77. 6,849,467 shares of the company's stock traded hands, compared to its average volume of 5,345,460. Neogen Corporation has a 52 week low of $3.87 and a 52 week high of $17.95. The business's fifty day simple moving average is $5.18 and its two-hundred day simple moving average is $7.15. The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.04 billion, a P/E ratio of -0.95 and a beta of 1.79.

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.