Clarkston Capital Partners LLC Acquires 3,409,409 Shares of Neogen Corporation $NEOG

Key Points

• Clarkston Capital Partners LLC increased its stake in Neogen Corporation by 118.9%, purchasing an additional 3,409,409 shares to hold a total of 6,276,075 shares, making it their 25th largest holding.
• Several institutional investors have also significantly raised their positions in Neogen recently, with Versant Capital increasing by 1,495.4% in the first quarter.
• Analysts have downgraded Neogen's stock rating, with Guggenheim lowering the price target from $13.00 to $10.00 and a current consensus rating of "Hold" with a target price of $7.50.

Clarkston Capital Partners LLC raised its holdings in Neogen Corporation (NASDAQ:NEOG - Free Report) by 118.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,276,075 shares of the company's stock after buying an additional 3,409,409 shares during the period. Neogen comprises approximately 1.1% of Clarkston Capital Partners LLC's investment portfolio, making the stock its 25th biggest holding. Clarkston Capital Partners LLC owned approximately 2.89% of Neogen worth $54,414,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc grew its position in shares of Neogen by 1,495.4% in the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after purchasing an additional 2,931 shares during the last quarter. Johnson Financial Group Inc. acquired a new position in shares of Neogen in the fourth quarter valued at approximately $43,000. Caitong International Asset Management Co. Ltd grew its position in shares of Neogen by 388.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company's stock valued at $87,000 after purchasing an additional 8,010 shares during the last quarter. Lindenwold Advisors INC acquired a new stake in Neogen during the first quarter worth approximately $92,000. Finally, Angeles Wealth Management LLC acquired a new stake in Neogen during the first quarter worth approximately $99,000. Institutional investors own 96.73% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on NEOG shares. Guggenheim reduced their price target on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, June 30th. William Blair downgraded Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Neogen presently has a consensus rating of "Hold" and a consensus target price of $7.50.

Neogen Stock Performance

Shares of NEOG opened at $5.57 on Thursday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.22. The stock has a 50-day moving average of $5.11 and a 200-day moving average of $6.71. The company has a market cap of $1.21 billion, a PE ratio of -1.11 and a beta of 1.79. Neogen Corporation has a one year low of $3.87 and a one year high of $17.95.

About Neogen

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.

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