Neogen Corporation $NEOG Shares Acquired by Gabelli Funds LLC

Gabelli Funds LLC lifted its position in shares of Neogen Corporation (NASDAQ:NEOG) by 67.3% in the third quarter, Holdings Channel reports. The institutional investor owned 164,000 shares of the company’s stock after acquiring an additional 66,000 shares during the quarter. Gabelli Funds LLC’s holdings in Neogen were worth $936,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake 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 last quarter. ING Groep NV purchased a new stake in Neogen in the 3rd quarter valued at about $80,288,000. Clarkston Capital Partners LLC lifted its position in Neogen by 123.2% in the second quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock valued at $66,947,000 after buying an additional 7,729,650 shares during the last quarter. Norges Bank purchased a new position in Neogen during the second quarter worth about $43,387,000. Finally, Mackenzie Financial Corp increased its position in shares of Neogen by 0.7% during the second quarter. Mackenzie Financial Corp now owns 7,813,079 shares of the company’s stock valued at $37,347,000 after acquiring an additional 54,590 shares during the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Trading Up 2.2%

NASDAQ:NEOG opened at $9.86 on Thursday. Neogen Corporation has a 1 year low of $3.87 and a 1 year high of $11.43. The stock has a market cap 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. The stock has a 50-day simple moving average of $10.03 and a 200-day simple moving average of $7.48.

Neogen (NASDAQ:NEOG) last issued its 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. The business had revenue of $224.69 million for the quarter, compared to analyst estimates of $208.50 million. Neogen had a positive return on equity of 2.14% and a negative net margin of 68.47%.The business’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter last year, the company earned $0.11 EPS. As a group, analysts anticipate that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on NEOG. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Guggenheim reiterated 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. Piper Sandler restated 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. William Blair reaffirmed a “market perform” rating on shares of Neogen in a research report on Monday, March 2nd. Finally, Weiss Ratings reiterated 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. According to MarketBeat, Neogen has an average rating of “Hold” and an average price target 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.