Principal Financial Group Inc. Has $9.74 Million Holdings in Neogen Corporation (NASDAQ:NEOG)

Principal Financial Group Inc. grew its position in Neogen Corporation (NASDAQ:NEOG - Free Report) by 90.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,123,391 shares of the company's stock after acquiring an additional 533,064 shares during the quarter. Principal Financial Group Inc. owned approximately 0.52% of Neogen worth $9,740,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Harbour Investments Inc. acquired a new stake in shares of Neogen in the fourth quarter valued at $27,000. Versant Capital Management Inc raised its position in shares of Neogen by 1,495.4% during the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock worth $27,000 after purchasing an additional 2,931 shares during the period. Johnson Financial Group Inc. acquired a new stake in shares of Neogen during the fourth quarter worth $43,000. Covestor Ltd raised its position in shares of Neogen by 41.4% during the fourth quarter. Covestor Ltd now owns 4,103 shares of the company's stock worth $50,000 after purchasing an additional 1,202 shares during the period. Finally, KBC Group NV raised its position in Neogen by 44.1% during the first quarter. KBC Group NV now owns 12,198 shares of the company's stock valued at $106,000 after buying an additional 3,734 shares during the period. 96.73% of the stock is currently owned by institutional investors.

Neogen Stock Down 2.4%

Shares of NEOG traded down $0.12 during trading hours on Friday, hitting $4.75. 2,646,562 shares of the company were exchanged, compared to its average volume of 3,614,670. The company has a market cap of $1.03 billion, a PE ratio of -2.13 and a beta of 1.77. The firm's 50 day moving average is $5.55 and its 200-day moving average is $7.85. Neogen Corporation has a 52 week low of $3.87 and a 52 week high of $18.58. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.45 and a current ratio of 3.91.

Wall Street Analyst Weigh In

NEOG has been the topic of a number of recent research reports. Guggenheim lowered their target price on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, June 30th. Piper Sandler lowered their target price on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 22nd.

Insiders Place Their Bets

In other news, insider Amy M. Rocklin purchased 12,500 shares of the business's stock in a transaction on Wednesday, April 23rd. The stock was purchased at an average price of $4.99 per share, with a total value of $62,375.00. Following the acquisition, the insider directly owned 36,287 shares in the company, valued at approximately $181,072.13. The trade was a 52.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Aashima Gupta purchased 16,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was purchased at an average cost of $6.25 per share, with a total value of $100,000.00. Following the acquisition, the director owned 21,917 shares in the company, valued at approximately $136,981.25. This represents a 270.41% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 73,500 shares of company stock worth $380,825 in the last 90 days. 1.13% of the stock is owned by company insiders.

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.