Neuberger Berman Group LLC Has $2.85 Million Stock Position in Neogen Corporation $NEOG

Key Points

• Neuberger Berman Group LLC increased its stake in Neogen Corporation by 1,812.1%, acquiring 328,876 shares worth approximately $2.85 million.
• Neogen's stock decreased 0.7% recently, currently priced at $5.50, with a 12-month high of $17.95 and a low of $3.87.
• Wall Street analysts have reduced price targets for Neogen, with Guggenheim lowering it from $13.00 to $10.00 and Piper Sandler setting it at $5.00.

Neuberger Berman Group LLC boosted its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 1,812.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 328,876 shares of the company's stock after purchasing an additional 311,676 shares during the quarter. Neuberger Berman Group LLC owned approximately 0.15% of Neogen worth $2,851,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Versant Capital Management Inc increased its position in shares of Neogen by 1,495.4% during the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after acquiring an additional 2,931 shares during the last quarter. Johnson Financial Group Inc. purchased a new stake in Neogen in the 4th quarter valued at $43,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Neogen by 388.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company's stock worth $87,000 after buying an additional 8,010 shares during the period. Lindenwold Advisors INC purchased a new position in shares of Neogen during the first quarter worth about $92,000. Finally, Angeles Wealth Management LLC purchased a new stake in shares of Neogen during the first quarter worth approximately $99,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Up 2.0%

NEOG stock traded up $0.11 during mid-day trading on Monday, hitting $5.54. 10,494,249 shares of the company were exchanged, compared to its average volume of 5,363,010. The company has a market capitalization of $1.20 billion, a PE ratio of -1.10 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 firm has a fifty day simple moving average of $5.12 and a 200 day simple moving average of $6.76. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Piper Sandler decreased their target price on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. 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. Finally, William Blair cut Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th.

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.