Bank of America Corp DE Makes New $28.28 Million Investment in Neogen Corporation $NEOG

Key Points

• Bank of America acquired 3.15 million Neogen shares worth approximately $28.28 million, representing a 1.44% stake. Institutional investors collectively own 96.73% of the company.
• Neogen’s latest quarter beat expectations, with earnings of $0.09 per share versus $0.06 expected and revenue of $225.3 million versus $212.35 million. However, revenue was essentially flat year over year and the company posted a slightly negative net margin.
• Analyst sentiment remains mixed: Piper Sandler upgraded Neogen to overweight with a $14 target, while the overall consensus rating is Hold with a $12 target price. Shares opened at $13.98, near the company’s 52-week high of $14.18.

Bank of America Corp DE purchased a new position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,145,672 shares of the company's stock, valued at approximately $28,280,000. Bank of America Corp DE owned 1.44% of Neogen as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in shares of Neogen during the 2nd quarter worth about $11,404,000. Sei Investments Co. increased its position in Neogen by 69.1% during 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. Arrowstreet Capital Limited Partnership purchased a new position in Neogen in the first quarter valued at approximately $2,980,000. Deutsche Bank AG purchased a new position in Neogen in the second quarter valued at approximately $3,382,000. Finally, Roubaix Capital LLC acquired a new position in Neogen during the first quarter valued at approximately $4,630,000. Institutional investors and hedge funds own 96.73% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NEOG shares. Wall Street Zen downgraded shares of Neogen from a "strong-buy" rating to a "buy" rating in a research note on Sunday. Weiss Ratings raised shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, August 7th. Finally, Piper Sandler upgraded shares of Neogen from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $13.00 to $14.00 in a report on Wednesday, August 26th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Neogen presently has a consensus rating of "Hold" and a consensus target price of $12.00.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $13.98 on Wednesday. Neogen Corporation has a fifty-two week low of $5.09 and a fifty-two week high of $14.18. The business has a 50 day moving average price of $11.44 and a two-hundred day moving average price of $10.00. 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 firm has a market cap of $3.05 billion, a PE ratio of -466.00, a price-to-earnings-growth ratio of 5.10 and a beta of 1.76.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.03. The firm had revenue of $225.30 million for the quarter, compared to analysts' expectations of $212.35 million. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%. The firm's quarterly revenue was down .1% on a year-over-year basis. During the same period in the prior year, the company posted ($2.82) earnings per share. Sell-side analysts expect that Neogen Corporation will post 0.27 earnings per share for the current fiscal year.

Neogen News Summary

Here are the key news stories impacting Neogen this week:

• Positive Sentiment: Momentum remains strong: Neogen Corporation reached a new one-year high as its shares continued trading well above both the 50-day and 200-day moving averages. Elevated volume suggests increased investor interest and may be helping drive the stock higher. Neogen Sets New 1-Year High
• Positive Sentiment: The company’s latest reported quarter exceeded expectations, with earnings of $0.09 per share versus the $0.06 consensus and revenue of $225.3 million versus estimates of $212.35 million. This earnings and revenue beat provides a fundamental backdrop for the recent rally.
• Neutral Sentiment: Reports about a ₹600 crore, 6.5-times oversubscribed QIP concern Neogen Chemicals, not Neogen Corporation NASDAQ: NEOG. Those articles should not be interpreted as a capital raise or catalyst for NEOG. Neogen Chemicals Raises Funds via QIP
• Negative Sentiment: Investors remain mindful that Neogen Corporation’s revenue was essentially flat year over year in its latest reported quarter, while the company posted a slightly negative net margin. Analysts have also flagged valuation and debt risks, which could limit further gains if operating growth does not accelerate. Neogen Corporation Stock Holds as Revenue Falls Analysts Flag Valuation and Debt Risks

Neogen Profile

Neogen Corporation develops and markets products and services designed to protect food, animals and people. The company's offerings help customers detect, prevent and manage biological, chemical and physical hazards across the food production, agricultural and animal care industries.

Its food safety portfolio includes test kits and related technologies for detecting pathogens, allergens, mycotoxins, spoilage organisms, veterinary drug residues and other contaminants. Neogen also provides sanitation and hygiene products, diagnostic tools, laboratory services, software and training for food manufacturers, processors, retailers and other organizations involved in the food supply chain.

Neogen's animal safety business serves livestock, poultry, companion animal and veterinary markets.

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