The Manufacturers Life Insurance Company Takes $956,000 Position in Neogen Corporation $NEOG

The Manufacturers Life Insurance Company purchased a new position in Neogen Corporation (NASDAQ:NEOG) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 106,372 shares of the company’s stock, valued at approximately $956,000.

A number of other hedge funds also recently bought and sold shares of the company. UMB Bank n.a. increased its stake in Neogen by 238.2% during the 4th quarter. UMB Bank n.a. now owns 6,422 shares of the company’s stock valued at $45,000 after purchasing an additional 4,523 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in shares of Neogen by 816.9% in the fourth quarter. Hantz Financial Services Inc. now owns 7,592 shares of the company’s stock worth $53,000 after buying an additional 6,764 shares in the last quarter. Cresset Asset Management LLC purchased a new stake in shares of Neogen during the second quarter valued at approximately $53,000. Evergreen Capital Management LLC purchased a new stake in shares of Neogen during the second quarter valued at approximately $56,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of Neogen by 3,158.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 8,309 shares of the company’s stock valued at $58,000 after acquiring an additional 8,054 shares in the last quarter. Institutional investors own 96.73% of the company’s stock.

Analysts Set New Price Targets

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

Neogen Price Performance

NEOG opened at $11.83 on Friday. The company’s 50-day simple moving average is $10.71 and its two-hundred day simple moving average is $9.90. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.91 and a current ratio of 3.82. The stock 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. Neogen Corporation has a 52-week low of $4.90 and a 52-week high of $12.85.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings results on Thursday, July 30th. The company reported $0.09 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 analyst estimates of $212.35 million. During the same period in the previous year, the business posted ($2.82) earnings per share. The business’s revenue for the quarter was down .1% on a year-over-year basis. As a group, analysts predict that Neogen Corporation will post 0.27 EPS for the current year.

Neogen Company 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.