Neogen Corporation $NEOG Position Lifted by King Luther Capital Management Corp

King Luther Capital Management Corp raised its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 31.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,411,153 shares of the company’s stock after acquiring an additional 577,950 shares during the quarter. King Luther Capital Management Corp’s holdings in Neogen were worth $30,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Canton Hathaway LLC purchased a new stake in shares of Neogen in the 3rd quarter worth $26,000. Parallel Advisors LLC raised its holdings in Neogen by 121.8% in the 3rd quarter. Parallel Advisors LLC now owns 2,085 shares of the company’s stock worth $27,000 after purchasing an additional 1,145 shares during the period. Farther Finance Advisors LLC lifted its position in Neogen by 76.1% during the third quarter. Farther Finance Advisors LLC now owns 2,184 shares of the company’s stock valued at $28,000 after purchasing an additional 944 shares in the last quarter. Nykredit A S purchased a new position in Neogen during the second quarter valued at $28,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Neogen during the second quarter valued at $34,000. Institutional investors own 96.73% of the company’s stock.

Analyst Ratings Changes

NEOG has been the subject of a number of analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Neogen in a research report on Wednesday, November 4th. Wall Street Zen cut Neogen from a “strong-buy” rating to a “buy” rating in a research report on Sunday, October 11th. Piper Sandler raised Neogen from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $13.00 to $14.00 in a research report on Wednesday, August 26th. Finally, Guggenheim reiterated a “buy” rating and set a $14.00 price objective (up from $12.00) on shares of Neogen in a research note on Wednesday, September 30th. Three research analysts have rated the stock with a Buy rating, one has given 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 an average rating of “Hold” and an average target price of $12.67.

Neogen Trading Down 0.6%

NEOG stock opened at $11.60 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.90 and a quick ratio of 2.92. Neogen Corporation has a 1-year low of $5.37 and a 1-year high of $14.26. The business has a 50 day simple moving average of $12.26 and a two-hundred day simple moving average of $10.51. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -46.40, a PEG ratio of 4.17 and a beta of 1.86.

Neogen (NASDAQ:NEOG) last released its quarterly earnings data on Tuesday, October 6th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.03. Neogen had a negative net margin of 6.35% and a positive return on equity of 3.29%. The firm had revenue of $222.80 million for the quarter, compared to analysts’ expectations of $208.18 million. During the same quarter last year, the business posted $0.04 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. Research analysts anticipate that Neogen Corporation will post 0.28 EPS for the current fiscal year.

About Neogen

Neogen Corporation develops and markets products and services focused on food and animal safety. Its offerings help food producers, processors, laboratories and livestock producers detect risks, support animal health and meet safety and quality requirements. Neogen’s food safety products include tests for foodborne pathogens, allergens, toxins and sanitation indicators, as well as related laboratory supplies and services. Its animal safety offerings include veterinary instruments, animal health products, biosecurity solutions and genetic testing services for livestock.