Neogen Corporation $NEOG Shares Sold by William Blair Investment Management LLC

William Blair Investment Management LLC decreased its position in Neogen Corporation (NASDAQ:NEOG) by 37.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,907,034 shares of the company’s stock after selling 3,495,986 shares during the period. William Blair Investment Management LLC owned 2.72% of Neogen worth $33,729,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Neogen by 1.6% in the third quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock valued at $136,830,000 after acquiring an additional 385,885 shares during the last quarter. ING Groep NV purchased a new stake in Neogen in the third quarter valued at $80,288,000. Clarkston Capital Partners LLC lifted its stake in shares of Neogen by 123.2% in the 2nd quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock valued at $66,947,000 after purchasing an additional 7,729,650 shares during the last quarter. Norges Bank acquired a new position in shares of Neogen in the 2nd quarter valued at $43,387,000. Finally, Mackenzie Financial Corp grew its holdings in shares of Neogen by 0.7% during the 2nd quarter. Mackenzie Financial Corp now owns 7,813,079 shares of the company’s stock worth $37,347,000 after purchasing an additional 54,590 shares during the period. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Price Performance

Neogen stock opened at $11.23 on Monday. The company’s 50 day moving average is $9.52 and its two-hundred day moving average is $7.22. The firm has a market cap of $2.44 billion, a PE ratio of -4.05 and a beta of 1.95. The company has a quick ratio of 2.80, a current ratio of 3.91 and a debt-to-equity ratio of 0.38. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $11.43.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Thursday, January 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $224.69 million for the quarter, compared to analysts’ expectations of $208.50 million. During the same period last year, the firm earned $0.11 earnings per share. The company’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, research analysts expect that Neogen Corporation will post 0.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Piper Sandler reiterated a “neutral” rating and issued a $10.00 target price (up from $6.50) on shares of Neogen in a report on Monday, January 12th. Finally, Guggenheim restated a “buy” rating and set a $12.00 price target (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $10.67.

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.