Sei Investments Co. Acquires 94,148 Shares of Neogen Corporation $NEOG

Key Points

• Sei Investments increased its Neogen stake by 69.1% in the first quarter, adding 94,148 shares to own 230,403 shares valued at approximately $2.14 million. Institutional investors collectively own 96.73% of NEOG.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $11.67; Piper Sandler maintained a neutral rating while raising its target to $13.
• Neogen’s latest quarterly results exceeded expectations, reporting $0.09 in EPS versus $0.06 expected and revenue of $225.3 million versus the $212.35 million consensus estimate.

Sei Investments Co. lifted its holdings in Neogen Corporation (NASDAQ:NEOG - Free Report) by 69.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 230,403 shares of the company's stock after purchasing an additional 94,148 shares during the period. Sei Investments Co. owned about 0.11% of Neogen worth $2,141,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. AQR Capital Management LLC raised its stake in Neogen by 217.0% in the first quarter. AQR Capital Management LLC now owns 52,410 shares of the company's stock worth $443,000 after buying an additional 35,878 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Neogen by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company's stock valued at $1,125,000 after acquiring an additional 5,638 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Neogen by 5,687.3% in the 1st quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company's stock valued at $290,000 after acquiring an additional 32,816 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Neogen by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company's stock valued at $14,553,000 after acquiring an additional 209,990 shares during the period. Finally, United Services Automobile Association bought a new position in shares of Neogen in the 1st quarter worth $112,000. 96.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on NEOG shares. Weiss Ratings upgraded Neogen from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday. Wall Street Zen upgraded Neogen from a "hold" rating to a "buy" rating in a research note on Saturday, May 9th. Finally, Piper Sandler reiterated a "neutral" rating and issued a $13.00 target price (up from $11.00) on shares of Neogen in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $11.67.

Neogen Stock Performance

Shares of NEOG stock opened at $11.47 on Monday. The business's fifty day simple moving average is $9.68 and its 200-day simple moving average is $9.70. The company has a market cap of $2.50 billion, a PE ratio of -382.33, a PEG ratio of 5.14 and a beta of 1.76. The company has a current ratio of 3.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.38. Neogen Corporation has a 12-month low of $4.89 and a 12-month high of $12.85.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.03. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The firm had revenue of $225.30 million during the quarter, compared to analysts' expectations of $212.35 million. During the same quarter last year, the firm earned ($2.82) EPS. The business's quarterly revenue was down .1% on a year-over-year basis. Analysts expect that Neogen Corporation will post 0.22 earnings per share for the current fiscal year.

Neogen Company Profile

Neogen Corporation is a global provider of food and animal safety products, offering a broad portfolio of diagnostic and testing solutions. Headquartered in Lansing, Michigan, the company develops and manufactures tests designed to detect foodborne pathogens, allergens and toxins in food, beverage and environmental samples. Since its founding in 1982, Neogen has focused on delivering rapid, accurate and user‐friendly assays to food processors, grain handlers and quality laboratories around the world.

In the food safety arena, Neogen's product lineup includes immunoassay kits, molecular diagnostics and enrichment media for pathogens such as Salmonella, Listeria and E.

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