Heartland Advisors Inc. Buys Shares of 1,000,000 Neogen Corporation $NEOG

Heartland Advisors Inc. purchased a new position in shares of Neogen Corporation (NASDAQ:NEOG) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,000,000 shares of the company’s stock, valued at approximately $8,990,000. Heartland Advisors Inc. owned approximately 0.46% of Neogen as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Neogen in the second quarter worth about $300,545,000. Cibc World Markets Corp acquired a new position in Neogen during the 4th quarter worth approximately $47,983,000. T. Rowe Price Investment Management Inc. lifted its stake in Neogen by 249.2% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,181,768 shares of the company’s stock valued at $57,191,000 after purchasing an additional 5,838,570 shares during the last quarter. SG Americas Securities LLC lifted its stake in Neogen by 287.4% in the 1st quarter. SG Americas Securities LLC now owns 6,266,033 shares of the company’s stock valued at $58,211,000 after purchasing an additional 4,648,436 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in Neogen by 4,059.4% in the third quarter. Bank of Montreal Can now owns 4,592,218 shares of the company’s stock valued at $26,222,000 after buying an additional 4,481,812 shares in the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Trading Up 1.0%

NASDAQ NEOG opened at $11.95 on Friday. The business has a 50 day simple moving average of $10.22 and a 200 day simple moving average of $9.83. The stock has a market capitalization of $2.61 billion, a P/E ratio of -398.33, a P/E/G ratio of 4.67 and a beta of 1.77. 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 one year low of $4.90 and a one year high of $12.85.

Neogen (NASDAQ:NEOG) last released its earnings results on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, beating 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 company had revenue of $225.30 million for the quarter, compared to the consensus estimate of $212.35 million. During the same quarter in the previous year, the company earned ($2.82) EPS. Neogen’s quarterly revenue was down .1% compared to the same quarter last year. Research analysts expect that Neogen Corporation will post 0.25 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NEOG has been the subject of a number of research reports. Weiss Ratings upgraded Neogen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 7th. Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 price objective (up from $11.00) on shares of Neogen in a research note on Monday, August 3rd. Finally, Wall Street Zen upgraded shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.67.

Neogen 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.