Fifth Third Bancorp Lowers Holdings in Neogen Corporation $NEOG

Fifth Third Bancorp decreased its position in Neogen Corporation (NASDAQ:NEOG) by 51.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,634 shares of the company’s stock after selling 5,879 shares during the period. Fifth Third Bancorp’s holdings in Neogen were worth $27,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Versant Capital Management Inc boosted its holdings in shares of Neogen by 1,495.4% in the first quarter. Versant Capital Management Inc now owns 3,127 shares of the company’s stock valued at $27,000 after purchasing an additional 2,931 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in Neogen by 388.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company’s stock worth $87,000 after buying an additional 8,010 shares in the last quarter. Lindenwold Advisors INC bought a new position in Neogen in the first quarter worth approximately $92,000. Angeles Wealth Management LLC bought a new position in Neogen in the first quarter worth approximately $99,000. Finally, KBC Group NV raised its stake in Neogen by 44.1% in the first quarter. KBC Group NV now owns 12,198 shares of the company’s stock worth $106,000 after buying an additional 3,734 shares in the last quarter. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. CJS Securities assumed coverage on shares of Neogen in a research note on Monday. They issued a “market perform” rating and a $10.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research note on Saturday, September 27th. William Blair downgraded shares of Neogen from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 29th. Zacks Research raised shares of Neogen from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Finally, Guggenheim reduced their price target on Neogen from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, June 30th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.33.

Neogen Stock Up 4.5%

NEOG stock opened at $6.06 on Friday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of -1.20 and a beta of 1.90. The company has a current ratio of 3.32, a quick ratio of 2.22 and a debt-to-equity ratio of 0.42. Neogen Corporation has a 12 month low of $3.87 and a 12 month high of $16.79. The firm has a 50-day moving average of $5.46 and a two-hundred day moving average of $5.74.

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.