Hsbc Holdings PLC Takes $749,000 Position in Neogen Corporation $NEOG

Key Points

• Hsbc Holdings PLC has acquired a new stake in Neogen Corporation, purchasing 87,323 shares valued at approximately $749,000 during the first quarter.
• Several hedge funds, including Quantbot Technologies and Burgundy Asset Management, have increased their positions in Neogen, highlighting significant institutional interest with 96.73% of the stock owned by institutional investors.
• Analysts have mixed ratings on Neogen, with one analyzing firm rating it a "Buy" and others maintaining a "Hold" rating, while the average target price stands at $7.50.

Hsbc Holdings PLC bought a new stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 87,323 shares of the company's stock, valued at approximately $749,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Quantbot Technologies LP bought a new stake in Neogen during the 1st quarter valued at $309,000. Burgundy Asset Management Ltd. bought a new stake in Neogen during the 1st quarter valued at $838,000. Roubaix Capital LLC bought a new stake in Neogen during the 1st quarter valued at $3,054,000. Raymond James Financial Inc. raised its stake in Neogen by 110.0% during the 1st quarter. Raymond James Financial Inc. now owns 474,684 shares of the company's stock valued at $4,115,000 after acquiring an additional 248,654 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Neogen by 16.5% during the 1st quarter. American Century Companies Inc. now owns 3,034,872 shares of the company's stock valued at $26,312,000 after acquiring an additional 428,829 shares in the last quarter. Institutional investors own 96.73% of the company's stock.

Neogen Price Performance

Shares of NASDAQ NEOG traded down $0.09 during mid-day trading on Thursday, reaching $5.64. The company had a trading volume of 2,188,927 shares, compared to its average volume of 5,293,881. 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 stock has a market cap of $1.22 billion, a PE ratio of -1.12 and a beta of 1.85. The company has a 50-day moving average price of $5.21 and a two-hundred day moving average price of $6.38. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $17.95.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on NEOG shares. Guggenheim lowered 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 cut Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Finally, Zacks Research upgraded 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. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $7.50.

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.