Ancora Advisors LLC Makes New $2.96 Million Investment in Neogen Corporation $NEOG

Key Points

• Ancora Advisors LLC has acquired a new stake in Neogen Corporation, purchasing 340,940 shares valued at approximately $2.96 million, which represents a 0.16% ownership in the company.
• Several institutional investors increased their stakes significantly in Neogen during the first quarter, with Versant Capital Management's stake soaring by 1,495.4%.
• Neogen stock has seen recent analyst adjustments, including a downgrade from William Blair to a "market perform" rating and a target price reduction from Guggenheim to $10.00.

Ancora Advisors LLC acquired a new position in Neogen Corporation (NASDAQ:NEOG - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 340,940 shares of the company's stock, valued at approximately $2,956,000. Ancora Advisors LLC owned 0.16% of Neogen at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its holdings in shares of Neogen by 29.4% in the first quarter. Russell Investments Group Ltd. now owns 451,898 shares of the company's stock valued at $3,916,000 after purchasing an additional 102,640 shares during the period. Principal Financial Group Inc. boosted its position in Neogen by 90.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,123,391 shares of the company's stock worth $9,740,000 after purchasing an additional 533,064 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Neogen by 212.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 107,395 shares of the company's stock worth $931,000 after purchasing an additional 73,071 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in Neogen by 386.2% in the first quarter. State of Alaska Department of Revenue now owns 109,387 shares of the company's stock valued at $948,000 after purchasing an additional 86,887 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in Neogen by 8.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,235,459 shares of the company's stock valued at $19,381,000 after purchasing an additional 173,532 shares during the period. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Trading Down 1.6%

NEOG traded down $0.09 during mid-day trading on Monday, hitting $5.66. 8,681,765 shares of the stock were exchanged, compared to its average volume of 5,319,933. The firm's fifty day moving average is $5.25 and its two-hundred day moving average is $6.27. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $17.95. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. The company has a market cap of $1.23 billion, a PE ratio of -1.13 and a beta of 1.84.

Analyst Ratings Changes

NEOG has been the topic of several research analyst reports. Zacks Research raised Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Guggenheim dropped their price target on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, June 30th. Finally, William Blair downgraded Neogen from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 29th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently 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.