JPMorgan Chase & Co. Boosts Stock Position in Neogen Corporation $NEOG

JPMorgan Chase & Co. boosted its stake in shares of Neogen Corporation (NASDAQ:NEOG) by 19.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,680,212 shares of the company’s stock after buying an additional 278,886 shares during the period. JPMorgan Chase & Co.’s holdings in Neogen were worth $9,594,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in NEOG. Savant Capital LLC purchased a new stake in shares of Neogen in the second quarter worth $50,000. Cresset Asset Management LLC bought a new position in Neogen in the 2nd quarter worth about $53,000. Evergreen Capital Management LLC bought a new position in Neogen in the 2nd quarter worth about $56,000. Osaic Holdings Inc. grew its position in Neogen by 183.5% during the 2nd 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 stake in Neogen during the 3rd quarter valued at about $68,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NEOG. Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a research note 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 for the company in a report on Wednesday, December 10th. William Blair reaffirmed a “market perform” rating on shares of Neogen in a research report on Monday. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Finally, Guggenheim reissued a “buy” rating and issued a $12.00 target price (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Neogen currently has an average rating of “Hold” and a consensus target price of $10.67.

Neogen Stock Performance

Shares of NEOG stock opened at $9.70 on Friday. 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 company has a 50 day moving average price of $9.87 and a 200-day moving average price of $7.38. Neogen Corporation has a 52 week low of $3.87 and a 52 week high of $11.43. The firm has a market capitalization of $2.11 billion, a PE ratio of -3.50 and a beta of 1.95.

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 the consensus estimate of $0.07 by $0.03. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The company had revenue of $224.69 million for the quarter, compared to analysts’ expectations of $208.50 million. During the same quarter last year, the company posted $0.11 earnings per share. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. As a group, equities research analysts expect that Neogen Corporation will post 0.38 earnings per share for the current year.

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.