Quantbot Technologies LP Buys 110,145 Shares of Neogen Corporation $NEOG

Quantbot Technologies LP raised its position in shares of Neogen Corporation (NASDAQ:NEOG) by 45.7% in the third quarter, HoldingsChannel reports. The fund owned 351,101 shares of the company’s stock after acquiring an additional 110,145 shares during the period. Quantbot Technologies LP’s holdings in Neogen were worth $2,005,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Handelsbanken Fonder AB boosted its stake in Neogen by 54.2% in the 3rd 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. Choreo LLC boosted its position in shares of Neogen by 14.9% in the third quarter. Choreo LLC now owns 75,100 shares of the company’s stock valued at $429,000 after acquiring an additional 9,760 shares during the period. Vanguard Group Inc. increased its position in Neogen by 1.6% during the third quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock worth $136,830,000 after acquiring an additional 385,885 shares during the period. JPMorgan Chase & Co. increased its position in Neogen by 19.9% during the third quarter. JPMorgan Chase & Co. now owns 1,680,212 shares of the company’s stock worth $9,594,000 after acquiring an additional 278,886 shares during the period. Finally, Public Sector Pension Investment Board raised its stake in Neogen by 26.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 847,266 shares of the company’s stock worth $4,838,000 after purchasing an additional 174,962 shares in the last quarter. Institutional investors own 96.73% of the company’s stock.

Neogen Stock Down 0.9%

NASDAQ NEOG opened at $10.80 on Thursday. The business has a fifty day moving average price of $9.75 and a two-hundred day moving average price of $7.32. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.91 and a quick ratio of 2.80. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $11.43. The stock has a market capitalization of $2.35 billion, a PE ratio of -3.90 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 for the quarter, beating 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 firm had revenue of $224.69 million for the quarter, compared to the consensus estimate of $208.50 million. During the same quarter last year, the business posted $0.11 EPS. The company’s revenue was down 2.9% compared to the same quarter last year. Equities analysts expect that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a research report on Wednesday, December 10th. William Blair reiterated a “market perform” rating on shares of Neogen in a research note on Monday. Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Guggenheim reaffirmed a “buy” rating and issued a $12.00 price objective (up from $8.00) on shares of Neogen in a report on Friday, January 9th. Finally, Piper Sandler reissued a “neutral” rating and set a $10.00 target price (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Two research 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’s stock. According to data from MarketBeat, Neogen currently has a consensus rating of “Hold” and an average price target of $10.67.

Neogen Company 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.