Envestnet Portfolio Solutions Inc. Buys 49,393 Shares of Neogen Corporation $NEOG

Envestnet Portfolio Solutions Inc. boosted its stake in shares of Neogen Corporation (NASDAQ:NEOG) by 260.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 68,349 shares of the company’s stock after purchasing an additional 49,393 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Neogen were worth $327,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd lifted its holdings in Neogen by 388.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company’s stock valued at $87,000 after buying an additional 8,010 shares in the last quarter. Lindenwold Advisors INC bought a new stake in shares of Neogen in the 1st quarter valued at about $92,000. Angeles Wealth Management LLC bought a new stake in shares of Neogen in the 1st quarter valued at about $99,000. Blue Trust Inc. raised its holdings in shares of Neogen by 181.7% in the 2nd quarter. Blue Trust Inc. now owns 11,974 shares of the company’s stock valued at $57,000 after purchasing an additional 7,724 shares in the last quarter. Finally, KBC Group NV raised its holdings in shares of Neogen by 44.1% in the 1st quarter. KBC Group NV now owns 12,198 shares of the company’s stock valued at $106,000 after purchasing an additional 3,734 shares in the last quarter. Institutional investors own 96.73% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on NEOG. Zacks Research upgraded shares of Neogen from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 20th. Piper Sandler set a $6.50 price target on shares of Neogen and gave the company a “neutral” rating in a report on Thursday, October 16th. Wall Street Zen upgraded shares of Neogen from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. William Blair lowered shares of Neogen from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 29th. Finally, CJS Securities began coverage on shares of Neogen in a research report on Monday, September 29th. They issued a “market perform” rating and a $10.00 price objective on the stock. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $8.83.

Neogen Stock Down 1.1%

Shares of Neogen stock opened at $6.07 on Friday. The firm’s 50 day moving average price is $5.73 and its 200-day moving average price is $5.49. The company has a quick ratio of 2.26, a current ratio of 3.58 and a debt-to-equity ratio of 0.37. Neogen Corporation has a 52-week low of $3.87 and a 52-week high of $16.79. The company has a market cap of $1.32 billion, a P/E ratio of -1.26 and a beta of 1.90.

Neogen 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.