Clearline Capital LP Takes Position in Neogen Corporation $NEOG

Key Points

• Clearline Capital LP acquired a new position in Neogen Corporation, purchasing 131,886 shares valued at approximately $1.14 million, representing 0.06% of the company's stock.
• Multiple institutional investors, including Versant Capital and Caitong International, significantly increased their holdings in Neogen during the first quarter, with ownership of institutional investors now at 96.73%.
• Neogen Corporation has seen a shift in analyst ratings, with William Blair downgrading it to a "market perform" and a consensus target price set at $7.50, indicating a mixed outlook from analysts.

Clearline Capital LP acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 131,886 shares of the company's stock, valued at approximately $1,143,000. Clearline Capital LP owned approximately 0.06% of Neogen as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Neogen by 8.8% during the first quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock valued at $204,180,000 after purchasing an additional 1,912,877 shares in the last quarter. Gates Capital Management Inc. purchased a new position in shares of Neogen in the first quarter worth about $79,391,000. Conestoga Capital Advisors LLC lifted its stake in shares of Neogen by 0.4% in the first quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company's stock worth $74,049,000 after buying an additional 37,271 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of Neogen by 18.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 8,458,494 shares of the company's stock worth $73,336,000 after buying an additional 1,343,792 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Neogen by 5.7% in the fourth quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company's stock worth $95,012,000 after buying an additional 423,923 shares in the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NEOG. William Blair downgraded shares of Neogen from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 29th. Zacks Research raised shares of Neogen from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Finally, Guggenheim decreased their price target on shares of Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, June 30th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Neogen has a consensus rating of "Hold" and an average price target of $7.50.

Neogen Trading Down 4.2%

NEOG stock traded down $0.24 during trading on Friday, reaching $5.50. 8,191,780 shares of the stock were exchanged, compared to its average volume of 5,200,218. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average price of $5.30 and a 200-day moving average price of $6.17. Neogen Corporation has a 1 year low of $3.87 and a 1 year high of $17.95. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -1.09 and a beta of 1.85.

Neogen Profile

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.