Neogen Corporation $NEOG Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its position in Neogen Corporation (NASDAQ:NEOG) by 19.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,680,212 shares of the company’s stock after purchasing an additional 278,886 shares during the quarter. JPMorgan Chase & Co. owned about 0.77% of Neogen worth $9,594,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of NEOG. Tudor Investment Corp ET AL acquired a new position in Neogen in the 3rd quarter worth approximately $62,000. Coldstream Capital Management Inc. acquired a new stake in shares of Neogen in the third quarter worth $64,000. Cresset Asset Management LLC purchased a new position in shares of Neogen during the second quarter worth $53,000. Evergreen Capital Management LLC purchased a new position in shares of Neogen during the second quarter worth $56,000. Finally, Plan A Wealth LLC acquired a new position in Neogen during the third quarter valued at $68,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Upgrades and Downgrades

NEOG has been the topic of several recent research reports. Piper Sandler reaffirmed 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. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective for the company in a 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, Guggenheim reiterated a “buy” rating and set a $12.00 price target (up from $8.00) on shares of Neogen in a research report on Friday, January 9th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.67.

Neogen Price Performance

NEOG opened at $8.70 on Monday. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $11.43. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. The company has a fifty day moving average of $10.14 and a two-hundred day moving average of $7.77. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -3.14 and a beta of 1.95.

Neogen (NASDAQ:NEOG) last posted its earnings results 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. 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 for the quarter, compared to analyst estimates of $208.50 million. During the same period in the prior year, the company posted $0.11 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. On average, research analysts expect that Neogen Corporation will post 0.38 earnings per share for the current 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.