Rhumbline Advisers Sells 90,990 Shares of 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 lowered its stake in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 13.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 608,500 shares of the company's stock after selling 90,990 shares during the quarter. Rhumbline Advisers owned about 0.28% of Neogen worth $5,276,000 as of its most recent SEC filing.

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

Neogen Stock Down 0.5%

Shares of Neogen stock traded down $0.03 on Monday, hitting $5.47. 4,161,946 shares of the company traded hands, compared to its average volume of 5,438,408. 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 company has a market cap of $1.19 billion, a PE ratio of -1.09 and a beta of 1.84. The company has a 50-day moving average price of $5.31 and a 200 day moving average price of $6.08. Neogen Corporation has a 12-month low of $3.87 and a 12-month high of $17.95.

Analyst Upgrades and Downgrades

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

Neogen Company 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.