ArrowMark Colorado Holdings LLC Grows Stock Holdings in Neogen Corporation $NEOG

ArrowMark Colorado Holdings LLC lifted its holdings in Neogen Corporation (NASDAQ:NEOG) by 28.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,116,609 shares of the company’s stock after acquiring an additional 247,609 shares during the period. ArrowMark Colorado Holdings LLC owned 0.51% of Neogen worth $6,376,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Savant Capital LLC purchased a new position in shares of Neogen during the 2nd quarter worth about $50,000. Cresset Asset Management LLC bought a new stake in shares of Neogen in the second quarter valued at about $53,000. Evergreen Capital Management LLC purchased a new position in Neogen during the 2nd quarter valued at about $56,000. Osaic Holdings Inc. raised its holdings in shares of Neogen by 183.5% in the 2nd quarter. Osaic Holdings Inc. now owns 12,663 shares of the company’s stock valued at $61,000 after purchasing an additional 8,196 shares in the last quarter. Finally, Drive Wealth Management LLC purchased a new stake in Neogen during the third quarter worth $68,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NEOG. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. William Blair reissued a “market perform” rating on shares of Neogen in a report on Monday, March 2nd. CJS Securities raised shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target for the company in a research report on Wednesday, December 10th. Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Piper Sandler reissued a “neutral” rating and issued a $10.00 price target (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.67.

Neogen Stock Performance

NASDAQ NEOG opened at $9.09 on Monday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $11.43. The stock’s fifty day moving average is $10.12 and its two-hundred day moving average is $7.54. The firm has a market capitalization of $1.98 billion, a P/E ratio of -3.28 and a beta of 1.95.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Thursday, January 8th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.03. The firm had revenue of $224.69 million during the quarter, compared to analysts’ expectations of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. Neogen’s revenue was down 2.9% compared to the same quarter last year. During the same period last year, the business earned $0.11 earnings per share. On average, research analysts anticipate that Neogen Corporation will post 0.38 earnings per share for the current year.

About Neogen

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.