Neogen Corporation $NEOG Stock Position Lessened by Fred Alger Management LLC

Fred Alger Management LLC trimmed its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 59.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,685,965 shares of the company’s stock after selling 2,495,242 shares during the period. Fred Alger Management LLC owned approximately 0.78% of Neogen worth $9,627,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Savant Capital LLC bought a new position in Neogen in the 2nd quarter valued at about $50,000. Cresset Asset Management LLC acquired a new stake in shares of Neogen in the 2nd quarter worth approximately $53,000. Evergreen Capital Management LLC acquired a new stake in shares of Neogen in the 2nd quarter worth approximately $56,000. Osaic Holdings Inc. boosted its holdings in shares of Neogen by 183.5% in the second quarter. Osaic Holdings Inc. now owns 12,663 shares of the company’s stock valued at $61,000 after acquiring an additional 8,196 shares in the last quarter. Finally, Drive Wealth Management LLC acquired a new position in shares of Neogen during the third quarter valued at approximately $68,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Stock Performance

Shares of NEOG opened at $9.11 on Tuesday. The company has a market capitalization of $1.98 billion, a PE ratio of -3.29 and a beta of 1.95. 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’s 50 day moving average price is $10.16 and its 200 day moving average price is $7.56. Neogen Corporation has a 52 week low of $3.87 and a 52 week high of $11.43.

Neogen (NASDAQ:NEOG) last issued its earnings results on Thursday, January 8th. The company reported $0.10 earnings per share (EPS) for the quarter, beating 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 company had revenue of $224.69 million during the quarter, compared to analyst estimates of $208.50 million. During the same quarter last year, the business posted $0.11 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. Research analysts expect that Neogen Corporation will post 0.38 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on NEOG shares. 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. 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. CJS Securities raised Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 price objective on the stock in a research note on Wednesday, December 10th. Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a report on Monday, December 29th. Finally, William Blair reaffirmed a “market perform” rating on shares of Neogen in a research note on Monday, March 2nd. Two equities 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 company’s stock. According to MarketBeat, Neogen has an average rating of “Hold” and a consensus price target of $10.67.

About Neogen

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.