Clarkston Capital Partners LLC Has $66.77 Million Position in Neogen Corporation $NEOG

Clarkston Capital Partners LLC cut its stake in Neogen Corporation (NASDAQ:NEOG) by 16.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,693,250 shares of the company’s stock after selling 2,312,475 shares during the quarter. Neogen makes up approximately 1.4% of Clarkston Capital Partners LLC’s investment portfolio, making the stock its 24th largest holding. Clarkston Capital Partners LLC owned approximately 5.38% of Neogen worth $66,768,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. ING Groep NV acquired a new position in Neogen in the 3rd quarter valued at about $80,288,000. Norges Bank acquired a new stake in Neogen during the second quarter worth approximately $43,387,000. Mizuho Markets Americas LLC acquired a new stake in Neogen during the third quarter worth approximately $11,420,000. Ameriprise Financial Inc. boosted its holdings in shares of Neogen by 169.5% during the second quarter. Ameriprise Financial Inc. now owns 3,079,123 shares of the company’s stock worth $14,718,000 after acquiring an additional 1,936,569 shares during the period. Finally, CenterBook Partners LP bought a new stake in shares of Neogen during the second quarter worth approximately $6,252,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Ratings Changes

NEOG has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Guggenheim restated a “buy” rating and issued a $12.00 price target (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Wall Street Zen raised Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. CJS Securities upgraded Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a research report on Wednesday, December 10th. Finally, Piper Sandler reissued 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. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Neogen has a consensus rating of “Hold” and an average price target of $10.67.

Neogen Trading Down 9.3%

NEOG opened at $9.70 on Monday. The company has a market cap of $2.11 billion, a P/E ratio of -3.50 and a beta of 1.95. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38. The company’s 50 day moving average is $9.87 and its 200-day moving average is $7.40. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $11.43.

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 analysts’ consensus estimates of $0.07 by $0.03. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. The business had revenue of $224.69 million during the quarter, compared to analysts’ expectations of $208.50 million. During the same period in the prior year, the company earned $0.11 EPS. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. Equities research analysts predict that Neogen Corporation will post 0.38 earnings per share for the current fiscal year.

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.