Invesco Ltd. Has $7.55 Million Holdings in Neogen Corporation $NEOG

Key Points

• Invesco Ltd. increased its holdings in Neogen Corporation by 35.9% during the first quarter, now owning approximately $7.55 million worth of shares.
• Principal Financial Group Inc. and State of Alaska Department of Revenue have also significantly raised their stakes in Neogen, with increases of 90.3% and 386.2% respectively in the same period.
• Research analysts have mixed views on Neogen, with one rating it as a Buy and three assigning a Hold rating, while the consensus target price stands at $7.50.

Invesco Ltd. grew its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 35.9% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 870,824 shares of the company's stock after buying an additional 230,201 shares during the period. Invesco Ltd. owned approximately 0.40% of Neogen worth $7,550,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of NEOG. Principal Financial Group Inc. grew its stake in Neogen by 90.3% in the 1st quarter. Principal Financial Group Inc. now owns 1,123,391 shares of the company's stock valued at $9,740,000 after purchasing an additional 533,064 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Neogen by 212.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 107,395 shares of the company's stock valued at $931,000 after buying an additional 73,071 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Neogen in the 4th quarter worth approximately $2,744,000. Dimensional Fund Advisors LP increased its stake in Neogen by 24.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company's stock worth $84,254,000 after purchasing an additional 1,345,056 shares during the period. Finally, State of Alaska Department of Revenue grew its position in shares of Neogen by 386.2% in the 1st quarter. State of Alaska Department of Revenue now owns 109,387 shares of the company's stock worth $948,000 after buying an additional 86,887 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Zacks Research upgraded Neogen from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Guggenheim cut their target price on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, June 30th. Finally, William Blair cut Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $7.50.

Neogen Price Performance

NASDAQ:NEOG opened at $5.60 on Tuesday. Neogen Corporation has a one year low of $3.87 and a one year high of $17.95. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.22 and a current ratio of 3.32. The stock has a market cap of $1.22 billion, a PE ratio of -1.11 and a beta of 1.79. The stock has a 50 day moving average price of $5.11 and a 200 day moving average price of $6.54.

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.

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