Jupiter Topco LLC Buys New Stake in Neogen Corporation $NEOG

Key Points

• Jupiter Topco LLC acquired 101,525 Neogen shares in the second quarter, valued at approximately $911,000. Institutional investors collectively own 96.73% of NEOG.
• Neogen reported quarterly earnings of $0.09 per share, beating estimates of $0.06, while revenue reached $225.3 million versus the $212.35 million consensus estimate. Revenue declined slightly year over year, and the company posted a negative net margin.
• Analyst sentiment remains mixed, with an average rating of “Hold” and a $12.00 price target, although Piper Sandler upgraded the stock to “overweight” and raised its target to $14.00.

Jupiter Topco LLC acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 101,525 shares of the company's stock, valued at approximately $911,000.

A number of other institutional investors have also recently made changes to their positions in NEOG. Ancora Advisors LLC purchased a new position in Neogen during the 2nd quarter valued at approximately $450,000. Expect Equity LLC bought a new position in shares of Neogen during the 2nd quarter valued at approximately $1,513,000. Canada Pension Plan Investment Board bought a new position in shares of Neogen during the 2nd quarter valued at approximately $280,000. Legal & General Group Plc purchased a new position in shares of Neogen in the second quarter valued at $4,496,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Neogen in the second quarter valued at $956,000. Hedge funds and other institutional investors own 96.73% of the company's stock.

Neogen Price Performance

NEOG opened at $11.83 on Friday. Neogen Corporation has a 12-month low of $4.90 and a 12-month high of $12.85. The company has a current ratio of 3.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.38. The business's fifty day simple moving average is $10.71 and its 200-day simple moving average is $9.90. The company has a market capitalization of $2.58 billion, a price-to-earnings ratio of -394.33, a PEG ratio of 4.44 and a beta of 1.76.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.03. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The firm had revenue of $225.30 million during the quarter, compared to the consensus estimate of $212.35 million. During the same period in the previous year, the company posted ($2.82) earnings per share. The firm's quarterly revenue was down .1% on a year-over-year basis. On average, equities research analysts anticipate that Neogen Corporation will post 0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NEOG. Wall Street Zen raised shares of Neogen from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Piper Sandler raised shares of Neogen from a "neutral" rating to an "overweight" rating and increased their price target for the company from $13.00 to $14.00 in a report on Wednesday, August 26th. Finally, Weiss Ratings upgraded Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $12.00.

About Neogen

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen's product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.

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