American Capital Management Inc. Trims Stock Position in Neogen Corporation $NEOG

Key Points

• American Capital Management cut its Neogen position by 90.4% in the first quarter, selling 1,264,241 shares and retaining 133,657 shares valued at approximately $1.24 million.
• Other institutions increased or initiated positions, including JPMorgan, SG Americas Securities, Bessemer Group, Granahan Investment Management and Roubaix Capital. Institutional investors collectively own 96.73% of Neogen’s shares.
• Neogen traded at $9.34, while analysts maintained an average “Hold” rating and a consensus price target of $10.67; ratings included two Buys, three Holds and one Sell.

American Capital Management Inc. trimmed its holdings in Neogen Corporation (NASDAQ:NEOG - Free Report) by 90.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 133,657 shares of the company's stock after selling 1,264,241 shares during the period. American Capital Management Inc. owned 0.06% of Neogen worth $1,242,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEOG. JPMorgan Chase & Co. grew its holdings in Neogen by 19.9% in the third quarter. JPMorgan Chase & Co. now owns 1,680,212 shares of the company's stock valued at $9,594,000 after purchasing an additional 278,886 shares during the period. SG Americas Securities LLC increased its position in Neogen by 929.6% during the fourth quarter. SG Americas Securities LLC now owns 1,617,597 shares of the company's stock worth $11,307,000 after purchasing an additional 1,460,488 shares during the last quarter. Granahan Investment Management LLC purchased a new position in Neogen during the first quarter worth approximately $2,323,000. Roubaix Capital LLC purchased a new position in Neogen during the first quarter worth approximately $4,630,000. Finally, Bessemer Group Inc. raised its stake in Neogen by 160,972.5% during the first quarter. Bessemer Group Inc. now owns 1,565,625 shares of the company's stock worth $14,545,000 after purchasing an additional 1,564,653 shares during the period. Hedge funds and other institutional investors own 96.73% of the company's stock.

Neogen Trading Down 0.6%

NASDAQ NEOG opened at $9.34 on Tuesday. Neogen Corporation has a one year low of $4.56 and a one year high of $11.43. The company's 50 day moving average price is $9.29 and its 200 day moving average price is $9.58. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.84 and a current ratio of 3.92. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of -3.34, a PEG ratio of 4.21 and a beta of 1.80.

Analysts Set New Price Targets

NEOG has been the subject of several research reports. Wall Street Zen raised shares of Neogen from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Weiss Ratings cut Neogen from a "sell (d-)" rating to a "sell (e+)" rating in a report on Friday. Two research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.67.

Neogen 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.

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