Neogen Corporation $NEOG Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. trimmed its Neogen stake slightly in the fourth quarter, selling 161,318 shares and leaving it with 23.8 million shares, or about 10.94% of the company.
• Neogen reported better-than-expected quarterly results, with EPS of $0.09 versus $0.04 expected and revenue of $211.2 million versus $204.62 million forecast. However, revenue still fell 4.4% year over year.
• Analyst sentiment remains mixed: the stock currently has a Hold consensus rating, with an average price target of $10.67, while recent ratings ranged from Sell to Buy.

Vanguard Group Inc. lessened its stake in Neogen Corporation (NASDAQ:NEOG - Free Report) by 0.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,801,905 shares of the company's stock after selling 161,318 shares during the quarter. Vanguard Group Inc. owned about 10.94% of Neogen worth $166,375,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cresset Asset Management LLC acquired a new stake in shares of Neogen in the second quarter valued at approximately $53,000. Evergreen Capital Management LLC acquired a new stake in shares of Neogen in the second quarter valued at approximately $56,000. Osaic Holdings Inc. increased its holdings in shares of Neogen by 183.5% in the second quarter. Osaic Holdings Inc. now owns 12,663 shares of the company's stock valued at $61,000 after purchasing an additional 8,196 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of Neogen in the third quarter valued at approximately $62,000. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of Neogen in the third quarter valued at approximately $64,000. Institutional investors and hedge funds own 96.73% of the company's stock.

Neogen Price Performance

NEOG stock opened at $9.05 on Monday. The business has a fifty day moving average of $9.58 and a two-hundred day moving average of $8.47. The company has a quick ratio of 2.84, a current ratio of 3.92 and a debt-to-equity ratio of 0.38. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -3.23, a price-to-earnings-growth ratio of 3.93 and a beta of 1.84. Neogen Corporation has a 52-week low of $4.53 and a 52-week high of $11.43.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its earnings results on Thursday, April 9th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. The company had revenue of $211.20 million during the quarter, compared to analysts' expectations of $204.62 million. Neogen had a positive return on equity of 2.35% and a negative net margin of 69.93%.The company's revenue for the quarter was down 4.4% on a year-over-year basis. As a group, research analysts anticipate that Neogen Corporation will post 0.23 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently commented on NEOG shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Neogen in a report on Friday, April 10th. William Blair reaffirmed a "market perform" rating on shares of Neogen in a report on Monday, March 2nd. Wall Street Zen raised Neogen from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Piper Sandler reissued a "neutral" rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a research note on Monday, January 12th. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Neogen presently has a consensus rating of "Hold" and an average target price of $10.67.

Neogen Company Profile

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen's product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.