Zions Bancorporation National Association UT Purchases New Holdings in Neogen Corporation (NASDAQ:NEOG)

Key Points

• Zions Bancorporation National Association UT has acquired a new stake in Neogen Corporation, purchasing 127,341 shares valued at approximately $1,104,000.
• Shares of Neogen stock opened at $5.08 and showed a 1.6% increase recently, with a market capitalization of $1.10 billion.
• Insider activity included Director Aashima Gupta buying 16,000 shares at an average price of $6.25 per share, representing a significant increase in ownership.

Zions Bancorporation National Association UT purchased a new stake in Neogen Corporation (NASDAQ:NEOG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 127,341 shares of the company's stock, valued at approximately $1,104,000. Zions Bancorporation National Association UT owned about 0.06% of Neogen as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bank Pictet & Cie Europe AG lifted its holdings in Neogen by 6.5% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 132,000 shares of the company's stock worth $1,602,000 after buying an additional 8,000 shares during the last quarter. LPL Financial LLC lifted its holdings in Neogen by 17.0% during the 4th quarter. LPL Financial LLC now owns 179,133 shares of the company's stock worth $2,107,000 after buying an additional 26,002 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Neogen by 5.3% during the 4th quarter. Wells Fargo & Company MN now owns 235,805 shares of the company's stock worth $2,863,000 after buying an additional 11,774 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Neogen by 366.5% during the 4th quarter. Russell Investments Group Ltd. now owns 349,258 shares of the company's stock worth $4,254,000 after buying an additional 274,395 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Neogen by 36.0% during the 4th quarter. Invesco Ltd. now owns 640,623 shares of the company's stock worth $7,777,000 after buying an additional 169,652 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company's stock.

Neogen Stock Up 1.6%

Shares of Neogen stock opened at $5.08 on Friday. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. The business's 50 day simple moving average is $5.11 and its 200-day simple moving average is $7.01. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -1.01 and a beta of 1.79. Neogen Corporation has a twelve month low of $3.87 and a twelve month high of $17.95.

Analysts Set New Price Targets

NEOG has been the topic of a number of research analyst reports. William Blair downgraded Neogen from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 29th. Piper Sandler reduced their target price on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd. Finally, Guggenheim reduced their target price on Neogen from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, June 30th.

Insider Buying and Selling at Neogen

In related news, Director Aashima Gupta purchased 16,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were acquired at an average cost of $6.25 per share, for a total transaction of $100,000.00. Following the transaction, the director owned 21,917 shares of the company's stock, valued at $136,981.25. This trade represents a 270.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.13% of the company's stock.

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.

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