Millennium Management LLC Buys New Position in Neogen Co. (NASDAQ:NEOG)

Millennium Management LLC bought a new stake in shares of Neogen Co. (NASDAQ:NEOG) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,237,213 shares of the company’s stock, valued at approximately $19,338,000. Millennium Management LLC owned approximately 0.57% of Neogen at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp grew its stake in Neogen by 67.5% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 616,190 shares of the company’s stock valued at $9,723,000 after purchasing an additional 248,340 shares during the last quarter. SG Americas Securities LLC grew its stake in Neogen by 277.1% during the 1st quarter. SG Americas Securities LLC now owns 45,558 shares of the company’s stock valued at $719,000 after purchasing an additional 33,478 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Neogen by 73.4% during the 1st quarter. BNP Paribas Financial Markets now owns 115,830 shares of the company’s stock valued at $1,828,000 after purchasing an additional 49,041 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in Neogen by 39.8% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 103,611 shares of the company’s stock valued at $1,619,000 after purchasing an additional 29,489 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Neogen by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company’s stock valued at $311,118,000 after purchasing an additional 169,237 shares during the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director James P. Tobin bought 3,000 shares of Neogen stock in a transaction on Tuesday, August 6th. The stock was acquired at an average price of $16.86 per share, with a total value of $50,580.00. Following the completion of the acquisition, the director now directly owns 23,392 shares of the company’s stock, valued at $394,389.12. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on NEOG. Piper Sandler upped their target price on Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. StockNews.com upgraded Neogen to a “sell” rating in a research note on Monday, September 30th.

Neogen Stock Up 0.9 %

Shares of NEOG opened at $15.07 on Friday. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $20.89. The company has a quick ratio of 2.59, a current ratio of 3.82 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $3.26 billion, a price-to-earnings ratio of 1,507.00 and a beta of 1.21. The stock’s 50-day moving average price is $16.48 and its 200-day moving average price is $15.22.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The business had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $225.83 million. Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The business’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.14 EPS. On average, sell-side analysts predict that Neogen Co. will post 0.54 EPS for the current year.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.