Rhumbline Advisers Reduces Stock Holdings in Neogen Corporation $NEOG

Key Points

• Rhumbline Advisers reduced its stake in Neogen Corporation by 13% in Q1, owning 608,500 shares valued at approximately $5.28 million as of their latest SEC filing.
• Neogen's stock is currently priced at $5.50, with a 52-week range of $3.87 to $17.95, and an average analyst rating of "Hold" with a target price of $7.50.
• Numerous hedge funds have adjusted their positions in Neogen, including Deutsche Bank AG, which increased its holdings by 52.9% in the fourth quarter.

Rhumbline Advisers decreased its position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 13.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 608,500 shares of the company's stock after selling 90,990 shares during the quarter. Rhumbline Advisers owned 0.28% of Neogen worth $5,276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in NEOG. Gates Capital Management Inc. acquired a new stake in shares of Neogen during the 1st quarter worth approximately $79,391,000. Clarkston Capital Partners LLC lifted its position in shares of Neogen by 118.9% during the 1st quarter. Clarkston Capital Partners LLC now owns 6,276,075 shares of the company's stock valued at $54,414,000 after buying an additional 3,409,409 shares in the last quarter. Millennium Management LLC purchased a new position in shares of Neogen during the 1st quarter valued at approximately $20,761,000. Vanguard Group Inc. lifted its position in shares of Neogen by 8.8% during the 1st quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock valued at $204,180,000 after buying an additional 1,912,877 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its position in shares of Neogen by 18.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,458,494 shares of the company's stock valued at $73,336,000 after buying an additional 1,343,792 shares in the last quarter. Institutional investors and hedge funds own 96.73% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Guggenheim decreased their target price on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, June 30th. William Blair lowered Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. Finally, Zacks Research upgraded Neogen from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 20th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $7.50.

Neogen Trading Up 3.8%

NEOG traded up $0.21 on Thursday, hitting $5.67. The company had a trading volume of 5,418,019 shares, compared to its average volume of 5,410,605. The firm has a market cap of $1.23 billion, a P/E ratio of -1.13 and a beta of 1.85. Neogen Corporation has a 1 year low of $3.87 and a 1 year high of $17.95. The company's fifty day moving average price is $5.31 and its 200 day moving average price is $6.04. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42.

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.