Hudson Bay Capital Management LP Takes Position in Neogen Corporation $NEOG

Hudson Bay Capital Management LP acquired a new position in Neogen Corporation (NASDAQ:NEOG) during the third quarter, Holdings Channel reports. The firm acquired 5,000,000 shares of the company’s stock, valued at approximately $28,550,000.

Other institutional investors have also modified their holdings of the company. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its position in Neogen by 84.9% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 351,155 shares of the company’s stock worth $2,005,000 after acquiring an additional 161,241 shares in the last quarter. ING Groep NV bought a new position in shares of Neogen during the 3rd quarter valued at about $80,288,000. Public Sector Pension Investment Board grew its stake in shares of Neogen by 26.0% in the 3rd quarter. Public Sector Pension Investment Board now owns 847,266 shares of the company’s stock worth $4,838,000 after purchasing an additional 174,962 shares during the last quarter. Grandeur Peak Global Advisors LLC grew its stake in shares of Neogen by 27.4% in the 2nd quarter. Grandeur Peak Global Advisors LLC now owns 895,811 shares of the company’s stock worth $4,282,000 after purchasing an additional 192,426 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Neogen in the 2nd quarter worth approximately $43,387,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Neogen Stock Down 4.4%

NEOG stock opened at $8.86 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.91 and a quick ratio of 2.80. The firm has a market capitalization of $1.93 billion, a P/E ratio of -3.20 and a beta of 1.95. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $11.43. The company’s 50 day simple moving average is $10.22 and its 200-day simple moving average is $7.60.

Neogen (NASDAQ:NEOG) last posted its quarterly earnings data on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping 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 firm 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 was down 2.9% on a year-over-year basis. As a group, equities research analysts anticipate that Neogen Corporation will post 0.38 EPS for the current year.

Analyst Upgrades and Downgrades

NEOG has been the topic of several recent research reports. 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 research report on Wednesday, December 10th. Guggenheim reissued a “buy” rating and set a $12.00 price objective (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Piper Sandler restated 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. Wall Street Zen raised Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 29th. Two investment 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 presently has an average rating of “Hold” and an average 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.