IQ EQ FUND MANAGEMENT IRELAND Ltd Has $1.72 Million Stock Holdings in Neogen Corporation (NASDAQ:NEOG)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd has increased its stake in Neogen Corporation by 42.8%, now holding 198,213 shares valued at approximately $1.72 million.
• Insider buying was reported as Director Aashima Gupta purchased 16,000 shares at $6.25 each, raising her ownership by over 270%.
• Equities analysts have revised their price targets for Neogen, with Guggenheim lowering their target from $13.00 to $10.00 and Piper Sandler from $6.40 to $5.00.

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in Neogen Corporation (NASDAQ:NEOG - Free Report) by 42.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 198,213 shares of the company's stock after buying an additional 59,361 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned 0.09% of Neogen worth $1,719,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NEOG. Conestoga Capital Advisors LLC lifted its holdings 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 valued at $74,049,000 after purchasing an additional 37,271 shares in the last quarter. Bamco Inc. NY boosted its holdings in shares of Neogen by 16.2% in the 4th quarter. Bamco Inc. NY now owns 8,485,308 shares of the company's stock valued at $103,012,000 after buying an additional 1,182,193 shares during the last quarter. Mackenzie Financial Corp grew 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 valued at $95,012,000 after buying an additional 423,923 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its position in Neogen by 27.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company's stock worth $86,373,000 after acquiring an additional 1,521,560 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Neogen by 24.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company's stock valued at $84,254,000 after acquiring an additional 1,345,056 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company's stock.

Neogen Stock Performance

Shares of NEOG traded up $0.23 during midday trading on Thursday, reaching $5.00. 4,609,296 shares of the stock were exchanged, compared to its average volume of 5,200,376. The stock's 50 day simple moving average is $5.13 and its 200 day simple moving average is $7.09. The company has a market cap of $1.09 billion, a P/E ratio of -0.99 and a beta of 1.79. Neogen Corporation has a twelve month low of $3.87 and a twelve month high of $17.95. The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Guggenheim lowered 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 lowered Neogen from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 29th. Finally, Piper Sandler cut their price target on Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a report on Tuesday, April 22nd.

Insider Activity at Neogen

In related news, Director Aashima Gupta purchased 16,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was acquired at an average cost of $6.25 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the director owned 21,917 shares in the company, valued at approximately $136,981.25. This represents a 270.41% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.13% of the company's stock.

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.