Bessemer Group Inc. Acquires 1,564,653 Shares of Neogen Corporation $NEOG

Key Points

• Bessemer Group Inc. dramatically increased its stake in Neogen, buying 1,564,653 additional shares in Q1 and lifting its total holding to 1,565,625 shares, or about 0.72% of the company.
• Other institutional investors also added to or established positions in Neogen, and institutions now own 96.73% of the stock.
• Analyst sentiment remains mixed: the stock has an average Hold rating with a consensus target price of $10.67, while Neogen shares recently opened at $10.27.

Bessemer Group Inc. boosted its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 160,972.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,565,625 shares of the company's stock after purchasing an additional 1,564,653 shares during the quarter. Bessemer Group Inc. owned about 0.72% of Neogen worth $14,545,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC increased its holdings in shares of Neogen by 217.0% in the 1st quarter. AQR Capital Management LLC now owns 52,410 shares of the company's stock worth $443,000 after buying an additional 35,878 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Neogen by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company's stock valued at $1,125,000 after acquiring an additional 5,638 shares during the last quarter. Jones Financial Companies Lllp grew its position in Neogen by 5,687.3% in the first quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company's stock worth $290,000 after acquiring an additional 32,816 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Neogen by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company's stock worth $14,553,000 after acquiring an additional 209,990 shares in the last quarter. Finally, United Services Automobile Association bought a new stake in Neogen during the first quarter worth approximately $112,000. Institutional investors own 96.73% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Weiss Ratings restated a "sell (d-)" rating on shares of Neogen in a research report on Wednesday, July 8th. Wall Street Zen upgraded Neogen from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Neogen has an average rating of "Hold" and an average target price of $10.67.

Neogen Price Performance

Neogen stock opened at $10.27 on Friday. Neogen Corporation has a 12-month low of $4.56 and a 12-month high of $11.43. The company has a current ratio of 3.92, a quick ratio of 2.84 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $9.15 and a 200-day moving average price of $9.46. The firm has a market capitalization of $2.24 billion, a PE ratio of -3.67, a price-to-earnings-growth ratio of 4.60 and a beta of 1.80.

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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