Clarkston Capital Partners LLC Sells 2,312,475 Shares of Neogen Corporation $NEOG

Clarkston Capital Partners LLC lessened its position in Neogen Corporation (NASDAQ:NEOG) by 16.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,693,250 shares of the company’s stock after selling 2,312,475 shares during the period. Neogen accounts for about 1.4% of Clarkston Capital Partners LLC’s portfolio, making the stock its 24th biggest holding. Clarkston Capital Partners LLC owned about 0.05% of Neogen worth $66,768,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Savant Capital LLC acquired a new stake in shares of Neogen during the second quarter valued at about $50,000. Cresset Asset Management LLC acquired a new position in shares of Neogen in the second quarter valued at approximately $53,000. Evergreen Capital Management LLC bought a new position in Neogen in the 2nd quarter valued at approximately $56,000. Osaic Holdings Inc. raised its holdings in Neogen by 183.5% in the 2nd quarter. Osaic Holdings Inc. now owns 12,663 shares of the company’s stock valued at $61,000 after buying an additional 8,196 shares during the last quarter. Finally, Drive Wealth Management LLC acquired a new stake in Neogen during the 3rd quarter worth approximately $68,000. 96.73% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Guggenheim reaffirmed a “buy” rating and set a $12.00 price target (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Piper Sandler reiterated a “neutral” rating and set a $10.00 price target (up from $6.50) on shares of Neogen in a report on Monday, January 12th. CJS Securities raised shares of 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. Finally, William Blair restated a “market perform” rating on shares of Neogen in a report on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Neogen has a consensus rating of “Hold” and an average target price of $10.67.

Neogen Stock Performance

NASDAQ:NEOG opened at $9.70 on Monday. The company has a market capitalization of $2.11 billion, a PE ratio of -3.50 and a beta of 1.95. The company has a 50 day simple moving average of $9.87 and a two-hundred day simple moving average of $7.40. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.80 and a current ratio of 3.91. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $11.43.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Thursday, January 8th. The company reported $0.10 earnings per share (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 for the quarter, compared to the consensus estimate of $208.50 million. During the same quarter in the previous year, the company earned $0.11 EPS. The company’s revenue for the quarter was down 2.9% on a year-over-year basis. Research analysts anticipate that Neogen Corporation will post 0.38 earnings per share 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.