Clarkston Capital Partners LLC Has $20.48 Million Holdings in Neogen Corporation $NEOG

Key Points

• Clarkston Capital Partners LLC reduced its Neogen stake by 80.5% in the first quarter, selling more than 9.1 million shares and leaving it with 2.2 million shares worth about $20.48 million.
• Institutional ownership remains heavy, with 96.73% of Neogen shares held by hedge funds and other institutional investors; several firms, including Dimensional Fund Advisors and T. Rowe Price, recently increased their positions.
• Neogen stock opened at $9.61, and analysts currently have a Hold consensus with an average price target of $10.67, though opinions remain mixed across ratings agencies.

Clarkston Capital Partners LLC cut its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 80.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,204,788 shares of the company's stock after selling 9,123,882 shares during the quarter. Neogen accounts for 1.6% of Clarkston Capital Partners LLC's holdings, making the stock its 24th largest position. Clarkston Capital Partners LLC owned 1.01% of Neogen worth $20,482,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its stake in shares of Neogen by 23.4% in the first quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company's stock valued at $84,831,000 after buying an additional 1,733,767 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Neogen by 249.2% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company's stock worth $57,191,000 after acquiring an additional 5,838,570 shares during the period. Mackenzie Financial Corp raised its holdings in Neogen by 1.0% in the 4th quarter. Mackenzie Financial Corp now owns 7,898,439 shares of the company's stock valued at $55,574,000 after acquiring an additional 79,010 shares in the last quarter. Cibc World Markets Corp acquired a new position in Neogen in the 4th quarter valued at $47,983,000. Finally, Hudson Bay Capital Management LP lifted its position in shares of Neogen by 30.0% during the 4th quarter. Hudson Bay Capital Management LP now owns 6,500,000 shares of the company's stock valued at $45,435,000 after acquiring an additional 1,500,000 shares during the period. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Performance

NASDAQ:NEOG opened at $9.61 on Friday. The stock's 50-day simple moving average is $9.25 and its 200 day simple moving average is $9.55. The firm has a market capitalization of $2.09 billion, a PE ratio of -3.43, a price-to-earnings-growth ratio of 4.40 and a beta of 1.80. The company has a quick ratio of 2.84, a current ratio of 3.92 and a debt-to-equity ratio of 0.38. Neogen Corporation has a twelve month low of $4.56 and a twelve month high of $11.43.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Neogen in a report on Wednesday, July 8th. Wall Street Zen raised shares of Neogen from a "hold" rating to a "buy" rating in a research report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $10.67.

About Neogen

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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