Bank of New York Mellon Corp Invests $11.40 Million in Neogen Corporation $NEOG

Key Points

• Bank of New York Mellon purchased 1.27 million Neogen shares worth approximately $11.4 million, representing about 0.58% of the company. Institutional investors collectively own 96.73% of Neogen.
• Analyst sentiment remains mixed: Piper Sandler upgraded Neogen to “overweight” with a $14 price target, while the overall consensus rating is Hold with a $12 target.
• Neogen reported quarterly earnings of $0.09 per share, beating estimates of $0.06, while revenue reached $225.3 million versus expectations of $212.35 million. The stock opened at $11.64, near its 52-week high of $12.85.

Bank of New York Mellon Corp bought a new stake in Neogen Corporation (NASDAQ:NEOG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,268,470 shares of the company's stock, valued at approximately $11,404,000. Bank of New York Mellon Corp owned approximately 0.58% of Neogen as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. UMB Bank n.a. raised its position in Neogen by 238.2% in the 4th quarter. UMB Bank n.a. now owns 6,422 shares of the company's stock valued at $45,000 after buying an additional 4,523 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in Neogen by 816.9% during the 4th quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company's stock worth $53,000 after acquiring an additional 6,764 shares during the last quarter. Cresset Asset Management LLC purchased a new position in Neogen during the 2nd quarter worth $53,000. Evergreen Capital Management LLC bought a new stake in shares of Neogen in the 2nd quarter worth $56,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Neogen by 3,158.4% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 8,309 shares of the company's stock worth $58,000 after acquiring an additional 8,054 shares in the last quarter. Hedge funds and other institutional investors own 96.73% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Weiss Ratings raised shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 7th. Piper Sandler raised shares of Neogen from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $13.00 to $14.00 in a research report on Wednesday, August 26th. Finally, Wall Street Zen upgraded shares of Neogen from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $12.00.

Neogen Stock Performance

Shares of NEOG stock opened at $11.64 on Wednesday. Neogen Corporation has a 52 week low of $4.90 and a 52 week high of $12.85. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82. The firm's 50-day simple moving average is $10.57 and its two-hundred day simple moving average is $9.87. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of -388.00, a P/E/G ratio of 4.34 and a beta of 1.76.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The business had revenue of $225.30 million during the quarter, compared to analyst estimates of $212.35 million. During the same period in the prior year, the company earned ($2.82) earnings per share. Neogen's revenue was down .1% compared to the same quarter last year. As a group, equities analysts forecast that Neogen Corporation will post 0.27 earnings per share for the current year.

Neogen Company 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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