Russell Investments Group Ltd. Raises Stake in Neogen Corporation $NEOG

Key Points

• Russell Investments Group Ltd. increased its stake in Neogen Corporation by 29.4%, owning 451,898 shares valued at approximately $3.92 million as of the latest SEC filing.
• Neogen stock is currently trading at $5.64, with a market capitalization of $1.23 billion and a twelve-month price range between $3.87 and $17.95.
• Wall Street analysts have mixed ratings on Neogen, with a consensus "Hold" rating and an average price target of $7.50, reflecting a decrease in confidence from previously higher price objectives.

Russell Investments Group Ltd. increased its position in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 29.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 451,898 shares of the company's stock after buying an additional 102,640 shares during the period. Russell Investments Group Ltd. owned 0.21% of Neogen worth $3,916,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Neogen by 8.8% during the first quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company's stock worth $204,180,000 after buying an additional 1,912,877 shares in the last quarter. Conestoga Capital Advisors LLC lifted its holdings in Neogen by 0.4% during the first quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company's stock valued at $74,049,000 after purchasing an additional 37,271 shares in the last quarter. Bamco Inc. NY lifted its holdings in Neogen by 16.2% during the fourth quarter. Bamco Inc. NY now owns 8,485,308 shares of the company's stock valued at $103,012,000 after purchasing an additional 1,182,193 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Neogen by 5.7% during the fourth quarter. Mackenzie Financial Corp now owns 7,826,349 shares of the company's stock valued at $95,012,000 after purchasing an additional 423,923 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in Neogen by 27.2% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 7,114,702 shares of the company's stock valued at $86,373,000 after purchasing an additional 1,521,560 shares in the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Neogen Trading Up 0.2%

Neogen stock traded up $0.01 during midday trading on Thursday, hitting $5.75. 6,390,932 shares of the stock were exchanged, compared to its average volume of 5,548,559. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $17.95. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -1.14 and a beta of 1.79. The stock's 50-day simple moving average is $5.15 and its 200 day simple moving average is $6.50. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42.

Analysts Set New Price Targets

Several research firms have issued reports on NEOG. Zacks Research raised shares of Neogen from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 20th. Guggenheim reduced their target price on shares of Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, June 30th. Finally, William Blair cut shares of Neogen from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 29th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus 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.