Principal Financial Group Inc. Grows Stock Position in Neogen Corporation $NEOG

Principal Financial Group Inc. boosted its position in shares of Neogen Corporation (NASDAQ:NEOG) by 7.0% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,048,922 shares of the company’s stock after buying an additional 68,191 shares during the quarter. Principal Financial Group Inc. owned 0.48% of Neogen worth $5,989,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. California State Teachers Retirement System boosted its stake in shares of Neogen by 1.1% during the 2nd quarter. California State Teachers Retirement System now owns 191,084 shares of the company’s stock worth $913,000 after purchasing an additional 2,166 shares during the period. Sage Rhino Capital LLC raised its position in Neogen by 25.2% in the 3rd quarter. Sage Rhino Capital LLC now owns 16,618 shares of the company’s stock worth $95,000 after purchasing an additional 3,343 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Neogen by 7.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,707 shares of the company’s stock worth $242,000 after purchasing an additional 3,463 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Neogen by 7.9% during the third quarter. Oregon Public Employees Retirement Fund now owns 48,900 shares of the company’s stock valued at $279,000 after buying an additional 3,600 shares during the period. Finally, Gallagher Fiduciary Advisors LLC boosted its position in shares of Neogen by 20.5% during the second quarter. Gallagher Fiduciary Advisors LLC now owns 22,737 shares of the company’s stock valued at $109,000 after buying an additional 3,867 shares during the period. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research report on Saturday. CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price target on the stock in a report on Wednesday, December 10th. Guggenheim reiterated a “buy” rating and issued a $12.00 price target (up previously from $8.00) on shares of Neogen in a report on Friday, January 9th. Finally, Piper Sandler restated a “neutral” rating and set a $10.00 price objective (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $10.67.

Neogen Price Performance

NASDAQ NEOG opened at $10.94 on Friday. The company has a market cap of $2.38 billion, a PE ratio of -3.95 and a beta of 1.98. The firm’s 50 day moving average price is $8.67 and its 200-day moving average price is $6.77. 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 52-week low of $3.87 and a 52-week high of $11.15.

Neogen (NASDAQ:NEOG) last posted its earnings results on Thursday, January 8th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. Neogen had a positive return on equity of 2.14% and a negative net margin of 68.47%.The company had revenue of $224.69 million during the quarter, compared to analyst estimates of $208.50 million. During the same quarter in the prior year, the business earned $0.11 earnings per share. Neogen’s revenue was down 2.9% on a year-over-year basis. Sell-side analysts forecast that Neogen Corporation will post 0.38 EPS for the current fiscal year.

Neogen Company 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.