T. Rowe Price Investment Management Inc. Has $73.34 Million Position in Neogen Corporation $NEOG

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Neogen Corporation by 18.9%, now holding approximately 3.90% of the company worth $73.3 million after acquiring over 1.3 million shares this past quarter.
• Several hedge funds have significantly modified their positions in Neogen, with Versant Capital boosting its holdings by 1,495.4% and multiple funds purchasing new stakes worth between $27,000 to $99,000.
• Neogen stock has experienced fluctuations, with an average target price of $7.50 from analysts, alongside a recent downgrade and mixed ratings, reflecting cautious sentiment in the market.

T. Rowe Price Investment Management Inc. grew its holdings in shares of Neogen Corporation (NASDAQ:NEOG - Free Report) by 18.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,458,494 shares of the company's stock after purchasing an additional 1,343,792 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 3.90% of Neogen worth $73,336,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Hsbc Holdings PLC bought a new position in shares of Neogen during the 1st quarter valued at about $749,000. Quantbot Technologies LP bought a new position in shares of Neogen during the 1st quarter valued at about $309,000. Burgundy Asset Management Ltd. purchased a new stake in Neogen during the first quarter valued at about $838,000. Roubaix Capital LLC purchased a new stake in Neogen during the first quarter valued at about $3,054,000. Finally, Raymond James Financial Inc. lifted its stake in Neogen by 110.0% during the first quarter. Raymond James Financial Inc. now owns 474,684 shares of the company's stock valued at $4,115,000 after buying an additional 248,654 shares in the last quarter. Institutional investors own 96.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on NEOG. William Blair lowered shares of Neogen from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 29th. Zacks Research raised shares of Neogen from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 20th. Finally, Guggenheim reduced their price objective on shares of Neogen from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, June 30th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $7.50.

Neogen Stock Up 2.0%

Shares of NASDAQ NEOG traded up $0.12 during mid-day trading on Wednesday, reaching $5.75. The company had a trading volume of 1,883,834 shares, compared to its average volume of 5,343,547. The stock has a fifty day moving average of $5.12 and a two-hundred day moving average of $6.54. The company has a debt-to-equity ratio of 0.42, a quick ratio of 2.22 and a current ratio of 3.32. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -1.14 and a beta of 1.79. Neogen Corporation has a 12-month low of $3.87 and a 12-month high of $17.95.

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.