Principal Financial Group Inc. Has $9.74 Million Stock Position in Neogen Corporation (NASDAQ:NEOG)

Principal Financial Group Inc. grew its position in Neogen Corporation (NASDAQ:NEOG) by 90.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,123,391 shares of the company’s stock after buying an additional 533,064 shares during the period. Principal Financial Group Inc. owned approximately 0.52% of Neogen worth $9,740,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in NEOG. Oregon Public Employees Retirement Fund boosted its stake in Neogen by 12.7% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 45,200 shares of the company’s stock worth $392,000 after purchasing an additional 5,107 shares during the period. Teacher Retirement System of Texas acquired a new position in Neogen in the 1st quarter worth $261,000. Peregrine Capital Management LLC boosted its stake in Neogen by 3.4% in the 1st quarter. Peregrine Capital Management LLC now owns 603,528 shares of the company’s stock worth $5,233,000 after purchasing an additional 20,084 shares during the period. KBC Group NV boosted its stake in Neogen by 44.1% in the 1st quarter. KBC Group NV now owns 12,198 shares of the company’s stock worth $106,000 after purchasing an additional 3,734 shares during the period. Finally, Legacy Advisors LLC boosted its stake in Neogen by 10.2% in the 1st quarter. Legacy Advisors LLC now owns 65,337 shares of the company’s stock worth $566,000 after purchasing an additional 6,064 shares during the period. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analysts Set New Price Targets

NEOG has been the subject of a number of research analyst reports. Piper Sandler reduced their target price on shares of Neogen from $6.40 to $5.00 and set a “neutral” rating for the company in a research note on Tuesday, April 22nd. Guggenheim reduced their target price on shares of Neogen from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, June 30th.

Neogen Trading Down 3.2%

Neogen stock opened at $5.22 on Tuesday. The firm has a 50-day moving average of $5.61 and a 200-day moving average of $8.00. Neogen Corporation has a one year low of $3.87 and a one year high of $18.58. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.91 and a quick ratio of 2.45. The company has a market cap of $1.13 billion, a price-to-earnings ratio of -2.34 and a beta of 1.77.

Insider Activity

In related news, insider Amy M. Rocklin purchased 12,500 shares of the stock in a transaction on Wednesday, April 23rd. The shares were purchased at an average cost of $4.99 per share, with a total value of $62,375.00. Following the acquisition, the insider directly owned 36,287 shares in the company, valued at $181,072.13. The trade was a 52.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James C. Borel purchased 35,000 shares of the stock in a transaction on Thursday, April 24th. The stock was bought at an average cost of $4.89 per share, for a total transaction of $171,150.00. Following the completion of the acquisition, the director owned 60,474 shares in the company, valued at approximately $295,717.86. This trade represents a 137.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 73,500 shares of company stock valued at $380,825 in the last 90 days. 1.13% of the stock is owned by company insiders.

Neogen Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.