MetLife Investment Management LLC Sells 109,806 Shares of Neogen Corporation $NEOG

Key Points

• MetLife Investment Management LLC significantly reduced its stake in Neogen Corporation by 45.5%, selling 109,806 shares in the first quarter, leaving them with 131,330 shares valued at approximately $1.14 million.
• Other institutional investors, such as Russell Investments Group Ltd. and Principal Financial Group Inc., increased their stakes in Neogen, with Principal Financial boosting its holdings by 90.3% during the same period.
• Analysts have mixed opinions on Neogen, with Guggenheim lowering its price target from $13 to $10 while Zacks upgraded it from a "strong sell" to a "hold," leading to an average target price of $7.50.

MetLife Investment Management LLC lowered its stake in Neogen Corporation (NASDAQ:NEOG - Free Report) by 45.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 131,330 shares of the company's stock after selling 109,806 shares during the quarter. MetLife Investment Management LLC owned approximately 0.06% of Neogen worth $1,139,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in Neogen by 29.4% in the 1st quarter. Russell Investments Group Ltd. now owns 451,898 shares of the company's stock worth $3,916,000 after purchasing an additional 102,640 shares during the period. Principal Financial Group Inc. boosted its position 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 valued at $9,740,000 after acquiring an additional 533,064 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position 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 acquiring an additional 73,071 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of Neogen by 386.2% during the 1st quarter. State of Alaska Department of Revenue now owns 109,387 shares of the company's stock valued at $948,000 after acquiring an additional 86,887 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Neogen by 8.4% during 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. Institutional investors own 96.73% of the company's stock.

Neogen Price Performance

Shares of Neogen stock opened at $5.74 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.32 and a quick ratio of 2.22. The business's 50 day simple moving average is $5.23 and its two-hundred day simple moving average is $6.36. The stock has a market capitalization of $1.25 billion, a P/E ratio of -1.14 and a beta of 1.85. Neogen Corporation has a one year low of $3.87 and a one year high of $17.95.

Analyst Upgrades and Downgrades

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

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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