Arrowstreet Capital Limited Partnership Buys New Position in Neogen Corporation $NEOG

Arrowstreet Capital Limited Partnership bought a new stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 320,808 shares of the company's stock, valued at approximately $2,980,000. Arrowstreet Capital Limited Partnership owned about 0.15% of Neogen at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Caxton Associates LLP grew its holdings in shares of Neogen by 115.8% in the 1st quarter. Caxton Associates LLP now owns 173,061 shares of the company's stock worth $1,608,000 after acquiring an additional 92,870 shares during the last quarter. Sei Investments Co. increased its stake in Neogen by 69.1% in the 1st quarter. Sei Investments Co. now owns 230,403 shares of the company's stock worth $2,141,000 after purchasing an additional 94,148 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Neogen by 23.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company's stock worth $84,831,000 after buying an additional 1,733,767 shares during the period. Roubaix Capital LLC acquired a new stake in Neogen during the 1st quarter worth about $4,630,000. Finally, Bessemer Group Inc. lifted 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 valued at $14,545,000 after buying an additional 1,564,653 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Piper Sandler restated a "neutral" rating and issued a $13.00 target price (up from $11.00) on shares of Neogen in a report on Monday. Wall Street Zen raised Neogen from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Weiss Ratings downgraded Neogen from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Friday, July 24th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $11.67.

Neogen Stock Down 0.8%

Shares of Neogen stock opened at $11.81 on Wednesday. Neogen Corporation has a 12-month low of $4.63 and a 12-month high of $12.85. The company has a quick ratio of 2.91, a current ratio of 3.82 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average price of $9.55 and a two-hundred day moving average price of $9.66. The stock has a market capitalization of $2.58 billion, a P/E ratio of -393.67, a PEG ratio of 5.33 and a beta of 1.77.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.09 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.03. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%. The company had revenue of $225.30 million for the quarter, compared to analyst estimates of $212.35 million. During the same quarter last year, the firm posted ($2.82) earnings per share. The company's quarterly revenue was down .1% compared to the same quarter last year. Equities analysts expect that Neogen Corporation will post 0.22 earnings per share for the current year.

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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