Malaga Cove Capital LLC Grows Position in Neogen Corporation (NASDAQ:NEOG)

Key Points

• Malaga Cove Capital LLC increased its stake in Neogen Corporation by 53.2%, acquiring an additional 54,761 shares in the first quarter, totaling 157,695 shares worth approximately $1.37 million.
• Insider trading activity revealed that Director Aashima Gupta purchased 16,000 shares at $6.25 each, significantly increasing her ownership in the company by over 270%.
• Recent analyst ratings have seen price targets for Neogen cut, with Guggenheim lowering its target from $13 to $10 and Piper Sandler reducing theirs from $6.40 to $5.00.

Malaga Cove Capital LLC raised its stake in Neogen Corporation (NASDAQ:NEOG - Free Report) by 53.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 157,695 shares of the company's stock after buying an additional 54,761 shares during the quarter. Malaga Cove Capital LLC owned about 0.07% of Neogen worth $1,367,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of Neogen by 90.3% during the 1st quarter. Principal Financial Group Inc. now owns 1,123,391 shares of the company's stock worth $9,740,000 after purchasing an additional 533,064 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Neogen by 212.9% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 107,395 shares of the company's stock valued at $931,000 after acquiring an additional 73,071 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Neogen in the fourth quarter valued at about $2,744,000. Dimensional Fund Advisors LP raised its holdings in Neogen by 24.0% in the 4th 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 in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in Neogen by 386.2% during the first 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 in the last quarter. Institutional investors own 96.73% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on NEOG shares. Piper Sandler reduced their price objective on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd. William Blair downgraded shares of Neogen from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 29th. Finally, Guggenheim reduced 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.

Insider Transactions at Neogen

In other Neogen news, Director Aashima Gupta purchased 16,000 shares of Neogen stock in a transaction that occurred on Monday, May 12th. The stock was acquired at an average price of $6.25 per share, with a total value of $100,000.00. Following the transaction, the director owned 21,917 shares in the company, valued at $136,981.25. This trade represents a 270.41% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.13% of the company's stock.

Neogen Trading Up 1.8%

Shares of NEOG stock traded up $0.09 during trading hours on Tuesday, hitting $4.77. 1,711,939 shares of the company were exchanged, compared to its average volume of 5,307,703. The firm has a market cap of $1.04 billion, a P/E ratio of -0.95 and a beta of 1.79. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week 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 company has a 50 day simple moving average of $5.21 and a two-hundred day simple moving average of $7.17.

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.