Perkins Capital Management Inc. Makes New Investment in Neogen Corporation $NEOG

Perkins Capital Management Inc. bought a new stake in Neogen Corporation (NASDAQ:NEOG) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 179,250 shares of the company’s stock, valued at approximately $1,253,000. Perkins Capital Management Inc. owned about 0.08% of Neogen as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NEOG. IQ EQ FUND MANAGEMENT IRELAND Ltd raised its stake in shares of Neogen by 84.9% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 351,155 shares of the company’s stock worth $2,005,000 after purchasing an additional 161,241 shares during the last quarter. ING Groep NV purchased a new stake in shares of Neogen in the third quarter valued at approximately $80,288,000. Public Sector Pension Investment Board grew its holdings in Neogen by 26.0% during the third quarter. Public Sector Pension Investment Board now owns 847,266 shares of the company’s stock worth $4,838,000 after acquiring an additional 174,962 shares during the period. Hudson Bay Capital Management LP purchased a new position in Neogen in the third quarter worth $28,550,000. Finally, Mizuho Markets Americas LLC acquired a new stake in Neogen in the third quarter valued at $11,420,000. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Price Performance

NEOG opened at $8.61 on Wednesday. Neogen Corporation has a 1 year low of $4.53 and a 1 year high of $11.43. The company’s 50 day simple moving average is $9.43 and its 200 day simple moving average is $8.53. The stock has a market capitalization of $1.87 billion, a PE ratio of -3.08, a P/E/G ratio of 3.76 and a beta of 1.84. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.84 and a current ratio of 3.92.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, April 9th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.04 by $0.05. The firm had revenue of $211.20 million during the quarter, compared to analyst estimates of $204.62 million. Neogen had a negative net margin of 69.93% and a positive return on equity of 2.35%. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. As a group, sell-side analysts expect that Neogen Corporation will post 0.23 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on NEOG. Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday. William Blair restated a “market perform” rating on shares of Neogen in a research report on Monday, March 2nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Neogen in a research note on Friday, April 10th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.