Cibc World Market Inc. Invests $31.47 Million in Neogen Corporation $NEOG

Cibc World Market Inc. acquired a new stake in shares of Neogen Corporation (NASDAQ:NEOG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,500,500 shares of the company’s stock, valued at approximately $31,469,000.

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

Neogen Price Performance

Shares of Neogen stock opened at $11.95 on Monday. The company has a current ratio of 3.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -398.33, a P/E/G ratio of 4.72 and a beta of 1.76. Neogen Corporation has a 1-year low of $4.90 and a 1-year high of $12.85. The firm’s 50-day moving average price is $10.22 and its two-hundred day moving average price is $9.82.

Neogen (NASDAQ:NEOG) last posted 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 during the quarter, compared to analysts’ expectations of $212.35 million. During the same quarter in the previous year, the company posted ($2.82) earnings per share. Neogen’s quarterly revenue was down .1% compared to the same quarter last year. On average, equities analysts predict that Neogen Corporation will post 0.25 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

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.