Vanguard Group Inc. Purchases 385,885 Shares of Neogen Corporation $NEOG

Vanguard Group Inc. raised its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 1.6% in the 3rd quarter, Holdings Channel.com reports. The fund owned 23,963,223 shares of the company’s stock after buying an additional 385,885 shares during the period. Vanguard Group Inc. owned approximately 0.11% of Neogen worth $136,830,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Savant Capital LLC acquired a new stake in Neogen in the 2nd quarter valued at $50,000. Cresset Asset Management LLC acquired a new stake in shares of Neogen in the second quarter valued at about $53,000. Evergreen Capital Management LLC bought a new stake in Neogen during the second quarter worth about $56,000. Osaic Holdings Inc. boosted its position in Neogen by 183.5% during the second quarter. Osaic Holdings Inc. now owns 12,663 shares of the company’s stock valued at $61,000 after purchasing an additional 8,196 shares during the last quarter. Finally, Drive Wealth Management LLC bought a new position in Neogen in the third quarter valued at approximately $68,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Stock Down 2.2%

Neogen stock opened at $10.90 on Wednesday. The company’s 50-day moving average price is $9.68 and its two-hundred day moving average price is $7.30. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. The stock has a market cap of $2.37 billion, a P/E ratio of -3.94 and a beta of 1.95. Neogen Corporation has a twelve month low of $3.87 and a twelve month high of $11.43.

Neogen (NASDAQ:NEOG) last released its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.03. Neogen had a positive return on equity of 2.14% and a negative net margin of 68.47%.The business had revenue of $224.69 million during the quarter, compared to analysts’ expectations of $208.50 million. During the same period last year, the firm posted $0.11 EPS. The firm’s revenue for the quarter was down 2.9% compared to the same quarter last year. As a group, analysts expect that Neogen Corporation will post 0.38 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on NEOG. Wall Street Zen raised Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a research note on Wednesday, December 10th. Guggenheim reiterated a “buy” rating and issued a $12.00 target price (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Piper Sandler reiterated a “neutral” rating and set a $10.00 price target (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Neogen presently has a consensus rating of “Hold” and a consensus target price of $10.67.

About Neogen

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.