Maryland State Retirement & Pension System Makes New Investment in Neogen Corporation (NASDAQ:NEOG)

Key Points

• The Maryland State Retirement & Pension System has made a new investment in Neogen Corporation, purchasing 57,643 shares valued at approximately $500,000.
• Institutional investors now own 96.73% of Neogen's stock, with notable increases in holdings from firms like Charles Schwab and Vanguard.
• Neogen's stock performance has seen upgrades and downgrades, with Piper Sandler lowering their price target from $6.40 to $5.00 and maintaining a "neutral" rating.

Maryland State Retirement & Pension System purchased a new stake in Neogen Corporation (NASDAQ:NEOG - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 57,643 shares of the company's stock, valued at approximately $500,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its stake in shares of Neogen by 8.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,235,459 shares of the company's stock valued at $19,381,000 after acquiring an additional 173,532 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Neogen by 8.8% in the 1st quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock valued at $204,180,000 after acquiring an additional 1,912,877 shares during the last quarter. Geneva Capital Management LLC increased its stake in shares of Neogen by 0.3% in the 1st quarter. Geneva Capital Management LLC now owns 2,011,415 shares of the company's stock valued at $17,439,000 after acquiring an additional 6,106 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in shares of Neogen by 42.8% in the 1st quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 198,213 shares of the company's stock valued at $1,719,000 after acquiring an additional 59,361 shares during the last quarter. Finally, Malaga Cove Capital LLC increased its stake in shares of Neogen by 53.2% in the 1st quarter. Malaga Cove Capital LLC now owns 157,695 shares of the company's stock valued at $1,367,000 after acquiring an additional 54,761 shares during the last quarter. 96.73% of the stock is owned by institutional investors.

Neogen Price Performance

Shares of NEOG opened at $5.50 on Friday. 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 50 day simple moving average of $5.11 and a 200 day simple moving average of $6.87. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $17.95. The firm has a market capitalization of $1.19 billion, a PE ratio of -1.09 and a beta of 1.79.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NEOG. Piper Sandler lowered their price target on Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd. William Blair lowered Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Finally, Guggenheim decreased their price objective on Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, June 30th.

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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