Gabelli Funds LLC Raises Stock Holdings in Neogen Corporation $NEOG

Gabelli Funds LLC grew its holdings in Neogen Corporation (NASDAQ:NEOG) by 67.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 164,000 shares of the company’s stock after buying an additional 66,000 shares during the quarter. Gabelli Funds LLC owned 0.08% of Neogen worth $936,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Gamco Investors INC. ET AL grew its stake in Neogen by 17.9% in the 3rd quarter. Gamco Investors INC. ET AL now owns 100,500 shares of the company’s stock valued at $574,000 after acquiring an additional 15,270 shares during the period. Teton Advisors LLC purchased a new position in Neogen during the third quarter valued at $1,063,000. Quantbot Technologies LP lifted its holdings in Neogen by 45.7% during the third quarter. Quantbot Technologies LP now owns 351,101 shares of the company’s stock valued at $2,005,000 after purchasing an additional 110,145 shares in the last quarter. Handelsbanken Fonder AB grew its position in shares of Neogen by 54.2% in the third quarter. Handelsbanken Fonder AB now owns 108,964 shares of the company’s stock valued at $622,000 after purchasing an additional 38,300 shares during the period. Finally, Choreo LLC increased its stake in shares of Neogen by 14.9% during the third quarter. Choreo LLC now owns 75,100 shares of the company’s stock worth $429,000 after purchasing an additional 9,760 shares in the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Stock Performance

NASDAQ NEOG opened at $9.86 on Thursday. The stock’s fifty day moving average is $10.03 and its two-hundred day moving average is $7.48. The firm has a market capitalization of $2.14 billion, a P/E ratio of -3.56 and a beta of 1.95. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $11.43.

Neogen (NASDAQ:NEOG) last issued its earnings results on Thursday, January 8th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $208.50 million. During the same period last year, the company earned $0.11 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, research analysts anticipate that Neogen Corporation will post 0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on NEOG shares. William Blair restated a “market perform” rating on shares of Neogen in a research report on Monday, March 2nd. Guggenheim reissued a “buy” rating and set a $12.00 target price (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Piper Sandler reiterated a “neutral” rating and set a $10.00 price target (up from $6.50) on shares of Neogen in a research report on Monday, January 12th. Finally, CJS Securities upgraded Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a report on Wednesday, December 10th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Neogen has a consensus rating of “Hold” and a consensus target price of $10.67.

Neogen 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.