Russell Investments Group Ltd. Boosts Stock Position in Neogen Corporation $NEOG

Russell Investments Group Ltd. raised its stake in Neogen Corporation (NASDAQ:NEOG) by 29.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 451,898 shares of the company’s stock after purchasing an additional 102,640 shares during the period. Russell Investments Group Ltd. owned 0.21% of Neogen worth $3,916,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in NEOG. Bank Pictet & Cie Europe AG boosted its holdings in Neogen by 6.5% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 132,000 shares of the company’s stock worth $1,602,000 after acquiring an additional 8,000 shares in the last quarter. Invesco Ltd. increased its position in shares of Neogen by 36.0% in the fourth quarter. Invesco Ltd. now owns 640,623 shares of the company’s stock valued at $7,777,000 after buying an additional 169,652 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Neogen during the fourth quarter worth approximately $2,744,000. Barclays PLC increased its position in shares of Neogen by 29.6% during the fourth quarter. Barclays PLC now owns 475,365 shares of the company’s stock worth $5,771,000 after purchasing an additional 108,612 shares in the last quarter. Finally, Guggenheim Capital LLC purchased a new stake in shares of Neogen during the fourth quarter worth approximately $147,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Stock Up 0.7%

Neogen stock opened at $5.64 on Friday. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. The stock has a 50 day moving average of $5.11 and a two-hundred day moving average of $6.64. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -1.12 and a beta of 1.79. Neogen Corporation has a twelve month low of $3.87 and a twelve month high of $17.95.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Guggenheim lowered their price objective on Neogen from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, June 30th. William Blair lowered Neogen from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 29th. Finally, Zacks Research raised Neogen from a “strong sell” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $7.50.

Neogen Company 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.