Harbor Capital Advisors Inc. Decreases Stake in Neogen Corporation $NEOG

Key Points

• Harbor Capital Advisors Inc. reduced its stake in Neogen Corporation by 16.4%, now owning approximately 0.62% of the company worth $6.47 million.
• Other institutional investors have increased their holdings in Neogen, with the State of Alaska Department of Revenue notably increasing its stake by 386.2% in the first quarter.
• Neogen's stock currently has an average rating of "Hold" with a consensus target price of $7.50, following various analyst upgrades and downgrades.

Harbor Capital Advisors Inc. lowered its holdings in Neogen Corporation (NASDAQ:NEOG - Free Report) by 16.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,353,199 shares of the company's stock after selling 265,820 shares during the quarter. Harbor Capital Advisors Inc. owned 0.62% of Neogen worth $6,468,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Gates Capital Management Inc. bought a new position in shares of Neogen in the 1st quarter valued at about $79,391,000. Clarkston Capital Partners LLC increased its stake in shares of Neogen by 118.9% in the first quarter. Clarkston Capital Partners LLC now owns 6,276,075 shares of the company's stock valued at $54,414,000 after buying an additional 3,409,409 shares during the period. Millennium Management LLC bought a new stake in Neogen in the first quarter valued at approximately $20,761,000. Vanguard Group Inc. lifted its stake in Neogen by 8.8% in the first quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock valued at $204,180,000 after buying an additional 1,912,877 shares during the period. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in 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. Institutional investors and hedge funds own 96.73% of the company's stock.

Neogen Stock Performance

Neogen stock traded down $0.06 on Friday, hitting $5.61. The company's stock had a trading volume of 12,190,917 shares, compared to its average volume of 5,376,377. The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42. The firm has a market cap of $1.22 billion, a P/E ratio of -1.12 and a beta of 1.85. The company has a fifty day moving average price of $5.32 and a 200-day moving average price of $5.99. Neogen Corporation has a one year low of $3.87 and a one year high of $17.61.

Analyst Ratings Changes

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

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.