Northern Trust Corp Sells 594,867 Shares of Neogen Corporation $NEOG

Key Points

• Northern Trust Corp decreased its stake in Neogen Corporation by 16.6%, selling 594,867 shares and owning approximately 1.38% of the company, valued at $25.9 million.
• Analysts have mixed opinions on Neogen, with William Blair downgrading the stock and Guggenheim reducing its price target from $13 to $10, while Zacks upgraded its rating from "strong sell" to "hold."
• The stock price of Neogen is currently around $5.75, with a market cap of $1.25 billion and a consensus rating of "Hold" based on analysts' evaluations.

Northern Trust Corp reduced its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 16.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,990,479 shares of the company's stock after selling 594,867 shares during the period. Northern Trust Corp owned about 1.38% of Neogen worth $25,927,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Burgundy Asset Management Ltd. purchased a new stake in shares of Neogen in the 1st quarter valued at $838,000. Roubaix Capital LLC bought a new stake in Neogen in the first quarter worth $3,054,000. Raymond James Financial Inc. boosted its position in Neogen by 110.0% during the first quarter. Raymond James Financial Inc. now owns 474,684 shares of the company's stock valued at $4,115,000 after buying an additional 248,654 shares during the period. American Century Companies Inc. grew its stake in shares of Neogen by 16.5% during the first quarter. American Century Companies Inc. now owns 3,034,872 shares of the company's stock valued at $26,312,000 after buying an additional 428,829 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in shares of Neogen by 1,812.1% in the first quarter. Neuberger Berman Group LLC now owns 328,876 shares of the company's stock worth $2,851,000 after buying an additional 311,676 shares during the period. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Trading Down 2.0%

Shares of NEOG traded down $0.12 during mid-day trading on Thursday, hitting $5.61. 2,082,961 shares of the company's stock traded hands, compared to its average volume of 5,292,924. The company has a quick ratio of 2.22, a current ratio of 3.32 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $1.22 billion, a P/E ratio of -1.11 and a beta of 1.85. The business's 50-day moving average price is $5.21 and its 200-day moving average price is $6.38. Neogen Corporation has a 1 year low of $3.87 and a 1 year high of $17.95.

Analysts Set New Price Targets

Several brokerages recently weighed in on NEOG. William Blair cut Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. Zacks Research upgraded Neogen from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. Finally, Guggenheim cut their target price on shares of Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, June 30th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target 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.