Neogen Corporation $NEOG Shares Sold by Fred Alger Management LLC

Key Points

• Fred Alger Management LLC decreased its stake in Neogen Corporation by 4.9%, now owning approximately 4 million shares valued at around $34.8 million.
• Several institutional investors, including Goldman Sachs and Jones Financial, have increased their stakes in Neogen, reflecting a strong institutional interest with 96.73% of shares owned by institutional investors.
• Wall Street analysts have mixed views on Neogen, with ratings ranging from a buy to a hold, and a consensus target price of $7.50.

Fred Alger Management LLC reduced its position in Neogen Corporation (NASDAQ:NEOG - Free Report) by 4.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,012,350 shares of the company's stock after selling 207,484 shares during the period. Fred Alger Management LLC owned approximately 1.85% of Neogen worth $34,787,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its position in Neogen by 1,495.4% in the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock valued at $27,000 after buying an additional 2,931 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position 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 purchasing an additional 8,010 shares during the last quarter. Lindenwold Advisors INC bought a new position in shares of Neogen during the first quarter worth about $92,000. Angeles Wealth Management LLC bought a new position in shares of Neogen during the first quarter worth about $99,000. Finally, KBC Group NV lifted its position in shares of Neogen by 44.1% during the first quarter. KBC Group NV now owns 12,198 shares of the company's stock worth $106,000 after purchasing an additional 3,734 shares during the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NEOG has been the topic of several research analyst reports. William Blair cut shares of Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Guggenheim dropped 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, Zacks Research upgraded shares of Neogen from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $7.50.

Neogen Stock Performance

Shares of NASDAQ:NEOG traded down $0.24 during trading hours on Friday, hitting $5.50. The stock had a trading volume of 8,191,780 shares, compared to its average volume of 5,200,218. The stock's fifty day simple moving average is $5.30 and its 200 day simple moving average is $6.14. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $17.95. The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -1.09 and a beta of 1.85. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.22 and a current ratio of 3.32.

About Neogen

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.