The Manufacturers Life Insurance Company Acquires New Stake in Neogen Corporation $NEOG

The Manufacturers Life Insurance Company acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 106,372 shares of the company’s stock, valued at approximately $956,000.

A number of other institutional investors also recently bought and sold shares of NEOG. AQR Capital Management LLC grew its stake in shares of Neogen by 217.0% during the 1st quarter. AQR Capital Management LLC now owns 52,410 shares of the company’s stock valued at $443,000 after purchasing an additional 35,878 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Neogen by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 129,813 shares of the company’s stock worth $1,125,000 after buying an additional 5,638 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Neogen by 5,687.3% in the first quarter. Jones Financial Companies Lllp now owns 33,393 shares of the company’s stock worth $290,000 after buying an additional 32,816 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Neogen by 14.3% during the first quarter. Goldman Sachs Group Inc. now owns 1,678,493 shares of the company’s stock valued at $14,553,000 after buying an additional 209,990 shares during the period. Finally, United Services Automobile Association bought a new stake in Neogen during the first quarter valued at approximately $112,000. Institutional investors own 96.73% of the company’s stock.

Neogen Price Performance

Shares of NASDAQ:NEOG opened at $11.83 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 3.82 and a quick ratio of 2.91. Neogen Corporation has a 1-year low of $4.90 and a 1-year high of $12.85. The company has a market capitalization of $2.58 billion, a P/E ratio of -394.33, a P/E/G ratio of 4.44 and a beta of 1.76. The firm’s 50 day simple moving average is $10.71 and its two-hundred day simple moving average is $9.90.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Neogen had a negative net margin of 0.91% and a positive return on equity of 2.78%. The firm had revenue of $225.30 million during the quarter, compared to analysts’ expectations of $212.35 million. During the same period in the prior year, the company posted ($2.82) earnings per share. The company’s revenue for the quarter was down .1% compared to the same quarter last year. Research analysts expect that Neogen Corporation will post 0.27 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NEOG. Weiss Ratings upgraded shares of Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, August 7th. Piper Sandler raised shares of Neogen from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $13.00 to $14.00 in a research report on Wednesday, August 26th. Finally, Wall Street Zen upgraded Neogen from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Three investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Neogen has a consensus rating of “Hold” and an average price target of $12.00.

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.