CIBC Bancorp USA Inc. Makes New $28.97 Million Investment in Neogen Corporation $NEOG

Key Points

• CIBC Bancorp USA bought a new stake of 5,073,316 shares in Neogen (~$28.97 million), representing about 2.33% ownership as of the most recent SEC filing.
• Neogen's latest quarter beat estimates with $0.10 EPS vs. $0.07 expected and revenue of $224.69 million, but the company reported a negative net margin of 68.47% and revenue was down 2.9% year-over-year.
• Analyst sentiment is mixed (average rating: Hold, average price target $10.67), while the stock recently traded down 4.4% around an $8.86 open and has a market cap of about $1.93 billion.

CIBC Bancorp USA Inc. purchased a new stake in Neogen Corporation (NASDAQ:NEOG - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,073,316 shares of the company's stock, valued at approximately $28,969,000. CIBC Bancorp USA Inc. owned approximately 2.33% of Neogen at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Savant Capital LLC acquired a new position in shares of Neogen during the second quarter worth about $50,000. Cresset Asset Management LLC acquired a new stake in Neogen in the second quarter valued at approximately $53,000. Evergreen Capital Management LLC purchased a new position in Neogen in the second quarter worth approximately $56,000. Osaic Holdings Inc. lifted its stake in Neogen by 183.5% in the second quarter. Osaic Holdings Inc. now owns 12,663 shares of the company's stock worth $61,000 after acquiring an additional 8,196 shares during the last quarter. Finally, Coldstream Capital Management Inc. acquired a new position in Neogen during the 3rd quarter worth approximately $64,000. Hedge funds and other institutional investors own 96.73% of the company's stock.

Neogen Stock Down 4.4%

NEOG stock opened at $8.86 on Thursday. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38. Neogen Corporation has a twelve month low of $3.87 and a twelve month high of $11.43. The company's 50 day moving average is $10.22 and its two-hundred day moving average is $7.60. The stock has a market cap of $1.93 billion, a P/E ratio of -3.20 and a beta of 1.95.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its quarterly earnings data on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. The business had revenue of $224.69 million during the quarter, compared to the consensus estimate of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The company's revenue was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 EPS. Research analysts expect that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. William Blair reissued a "market perform" rating on shares of Neogen in a research report on Monday, March 2nd. Guggenheim reaffirmed a "buy" rating and set a $12.00 price objective (up from $8.00) on shares of Neogen in a research report on Friday, January 9th. Piper Sandler reiterated a "neutral" rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. Wall Street Zen raised Neogen from a "hold" rating to a "buy" rating in a report on Saturday, February 14th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Neogen in a research note on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.67.

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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