King Luther Capital Management Corp Sells 363,915 Shares of Neogen Corporation (NASDAQ:NEOG)

Key Points

• King Luther Capital Management Corp has reduced its stake in Neogen Corporation (NASDAQ:NEOG) by 7.4%, now owning approximately 2.09% of the company valued at $39.4 million.
• Several institutional investors have increased their holdings in Neogen, including Russell Investments Group Ltd, which grew its position by 366.5%.
• Equity analysts have lowered their target prices for Neogen, with Piper Sandler reducing theirs from $6.40 to $5.00 and Guggenheim adjusting from $13.00 to $10.00.

King Luther Capital Management Corp trimmed its position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 7.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,543,616 shares of the company's stock after selling 363,915 shares during the quarter. King Luther Capital Management Corp owned 2.09% of Neogen worth $39,393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Neogen by 8.8% during the first quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock valued at $204,180,000 after buying an additional 1,912,877 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Neogen by 27.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company's stock valued at $86,373,000 after buying an additional 1,521,560 shares during the period. Dimensional Fund Advisors LP grew its stake in Neogen by 24.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company's stock worth $84,254,000 after buying an additional 1,345,056 shares in the last quarter. Bamco Inc. NY raised its holdings in shares of Neogen by 16.2% during the 4th quarter. Bamco Inc. NY now owns 8,485,308 shares of the company's stock valued at $103,012,000 after buying an additional 1,182,193 shares in the last quarter. Finally, Shapiro Capital Management LLC lifted its stake in Neogen by 47.9% in the fourth quarter. Shapiro Capital Management LLC now owns 2,932,850 shares of the company's stock worth $35,605,000 after purchasing an additional 949,300 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Stock Down 1.9%

NEOG stock traded down $0.11 during midday trading on Thursday, hitting $5.44. The company's stock had a trading volume of 1,169,258 shares, compared to its average volume of 5,336,285. The company has a market cap of $1.18 billion, a PE ratio of -1.08 and a beta of 1.79. The firm's 50-day moving average is $5.10 and its 200-day moving average is $6.91. Neogen Corporation has a 12 month low of $3.87 and a 12 month high of $17.95. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on NEOG. William Blair cut shares of Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Piper Sandler reduced 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. Finally, Guggenheim reduced 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.