Neogen Corporation $NEOG Stock: CenterBook Partners LP Trims Holdings

Key Points

• CenterBook Partners cut its Neogen stake by 50.6% in the third quarter, selling 122,573 shares and retaining 119,478 shares valued at about $1.53 million.
• Neogen beat quarterly estimates, reporting EPS of $0.08 versus $0.05 expected and revenue of $222.8 million versus $208.2 million expected; revenue rose 6.5% year over year.
• Analyst views were mixed, with MarketBeat reporting a consensus Hold rating and an average price target of $12.67. Institutional investors owned 96.73% of the stock.

CenterBook Partners LP cut its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 50.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 119,478 shares of the company's stock after selling 122,573 shares during the period. CenterBook Partners LP owned approximately 0.05% of Neogen worth $1,529,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Neogen during the 2nd quarter valued at $300,545,000. Bamco Inc. NY acquired a new position in Neogen during the 2nd quarter worth $45,094,000. Cibc World Market Inc. bought a new position in shares of Neogen in the second quarter worth $31,469,000. Bank of America Corp DE bought a new position in shares of Neogen in the second quarter worth $28,280,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Neogen by 23.4% in the first quarter. Dimensional Fund Advisors LP now owns 9,132,021 shares of the company's stock worth $84,831,000 after purchasing an additional 1,733,767 shares in the last quarter. 96.73% of the stock is owned by institutional investors.

Neogen Price Performance

NASDAQ NEOG opened at $12.08 on Tuesday. The stock's 50-day moving average price is $12.26 and its two-hundred day moving average price is $10.50. The company has a current ratio of 3.90, a quick ratio of 2.92 and a debt-to-equity ratio of 0.37. The company has a market cap of $2.64 billion, a PE ratio of -48.32, a PEG ratio of 4.45 and a beta of 1.86. Neogen Corporation has a 1 year low of $5.37 and a 1 year high of $14.26.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its earnings results on Tuesday, October 6th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of $0.05 by $0.03. The company had revenue of $222.80 million during the quarter, compared to analysts' expectations of $208.18 million. Neogen had a negative net margin of 6.35% and a positive return on equity of 3.29%. The business's revenue for the quarter was up 6.5% on a year-over-year basis. During the same period last year, the company posted $0.04 earnings per share. On average, analysts predict that Neogen Corporation will post 0.28 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NEOG shares. Weiss Ratings restated a "sell (d-)" rating on shares of Neogen in a research report on Wednesday, November 4th. Piper Sandler raised shares of Neogen from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $13.00 to $14.00 in a research note on Wednesday, August 26th. Wall Street Zen cut shares of Neogen from a "strong-buy" rating to a "buy" rating in a report on Sunday, October 11th. Finally, Guggenheim reiterated a "buy" rating and issued a $14.00 price objective (up from $12.00) on shares of Neogen in a report on Wednesday, September 30th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Neogen currently has an average rating of "Hold" and a consensus price target of $12.67.

About Neogen

Neogen Corporation develops and markets products and services focused on food and animal safety. Its offerings help food producers, processors, laboratories and livestock producers detect risks, support animal health and meet safety and quality requirements.

Neogen's food safety products include tests for foodborne pathogens, allergens, toxins and sanitation indicators, as well as related laboratory supplies and services. Its animal safety offerings include veterinary instruments, animal health products, biosecurity solutions and genetic testing services for livestock.

Founded in 1982, Neogen expanded its food safety business through its 2022 combination with 3M's food safety business.

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