Neogen Corporation $NEOG Stock Position Lifted by Comerica Bank

Key Points

• Comerica Bank increased its stake in Neogen Corporation by 11.0% in the first quarter, owning approximately 0.35% of the company, valued at $6,565,000.
• Several other institutional investors, including Versant Capital Management and Caitong International Asset Management, also significantly increased their positions in Neogen during the same period.
• Neogen Corporation's stock has received a mix of ratings, with one analyst giving it a "Buy" rating while the average rating from three analysts is a "Hold" with a price target of $7.50.

Comerica Bank lifted its position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 11.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 757,240 shares of the company's stock after acquiring an additional 75,220 shares during the quarter. Comerica Bank owned 0.35% of Neogen worth $6,565,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in NEOG. Walleye Trading LLC purchased a new stake in shares of Neogen in the first quarter valued at about $118,000. Samjo Management LLC increased its position in Neogen by 2,942.2% during the first quarter. Samjo Management LLC now owns 608,445 shares of the company's stock worth $5,275,000 after purchasing an additional 588,445 shares during the last quarter. Clarkston Capital Partners LLC increased its position in Neogen by 118.9% during the first quarter. Clarkston Capital Partners LLC now owns 6,276,075 shares of the company's stock worth $54,414,000 after purchasing an additional 3,409,409 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position 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 acquiring an additional 1,343,792 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Neogen in the first quarter worth $749,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on NEOG shares. Guggenheim reduced their price objective 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. William Blair downgraded shares of Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Finally, Zacks Research upgraded shares of Neogen from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $7.50.

Neogen Trading Down 2.2%

Shares of Neogen stock traded down $0.13 during trading on Tuesday, hitting $5.63. The stock had a trading volume of 1,695,554 shares, compared to its average volume of 5,318,499. The stock has a 50 day simple moving average of $5.18 and a 200 day simple moving average of $6.39. The company has a market capitalization of $1.22 billion, a PE ratio of -1.11 and a beta of 1.84. The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42. Neogen Corporation has a 1 year low of $3.87 and a 1 year high of $17.95.

Neogen Company 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.