Cibc World Market Inc. Buys Shares of 3,500,500 Neogen Corporation $NEOG

Key Points

• CIBC World Market acquired 3,500,500 Neogen shares in the second quarter, worth approximately $31.5 million and representing about 1.61% of the company. Institutional investors collectively own 96.73% of Neogen.
• Analyst sentiment remains mixed: Neogen has a consensus “Hold” rating and an average price target of $11.67, while Piper Sandler raised its target to $13 and maintained a neutral rating.
• Neogen’s latest quarterly results exceeded expectations, with earnings of $0.09 per share versus a $0.06 estimate and revenue of $225.3 million versus $212.35 million expected. Shares opened at $11.95, near their 52-week high of $12.85.

Cibc World Market Inc. bought a new position in Neogen Corporation (NASDAQ:NEOG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 3,500,500 shares of the company's stock, valued at approximately $31,469,000. Cibc World Market Inc. owned approximately 1.61% of Neogen as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Sei Investments Co. raised its position in shares of Neogen by 69.1% in the first quarter. Sei Investments Co. now owns 230,403 shares of the company's stock valued at $2,141,000 after purchasing an additional 94,148 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Neogen during the 1st quarter worth $2,980,000. Roubaix Capital LLC bought a new stake in shares of Neogen during the 1st quarter worth $4,630,000. Granahan Investment Management LLC acquired a new position in Neogen in the 1st quarter valued at $2,323,000. Finally, Bessemer Group Inc. raised its holdings in Neogen by 160,972.5% in the 1st quarter. Bessemer Group Inc. now owns 1,565,625 shares of the company's stock worth $14,545,000 after acquiring an additional 1,564,653 shares during the period. Institutional investors and hedge funds own 96.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NEOG. Weiss Ratings raised shares of Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 7th. Wall Street Zen raised Neogen from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $13.00 price objective (up from $11.00) on shares of Neogen in a research note on Monday, August 3rd. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $11.67.

Neogen Price Performance

NASDAQ:NEOG opened at $11.95 on Monday. The stock has a market cap of $2.61 billion, a P/E ratio of -398.33, a PEG ratio of 4.72 and a beta of 1.76. Neogen Corporation has a one year low of $4.90 and a one year high of $12.85. The company has a fifty day moving average price of $10.22 and a 200 day moving average price of $9.82. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.82 and a quick ratio of 2.91.

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, topping the consensus estimate 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 period last year, the business posted ($2.82) EPS. The business's quarterly revenue was down .1% on a year-over-year basis. Analysts anticipate that Neogen Corporation will post 0.25 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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