Neogen Corporation $NEOG Stake Cut by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. lessened its holdings in Neogen Corporation (NASDAQ:NEOG) by 38.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,103 shares of the company’s stock after selling 40,456 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Neogen were worth $556,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of NEOG. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Neogen by 388.6% in 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 during the period. Savant Capital LLC acquired a new stake in Neogen during the second quarter worth about $50,000. Lindenwold Advisors INC bought a new position in Neogen in the first quarter worth about $92,000. Angeles Wealth Management LLC bought a new position in Neogen in the first quarter worth about $99,000. Finally, Blue Trust Inc. boosted its stake in Neogen by 181.7% in the second quarter. Blue Trust Inc. now owns 11,974 shares of the company’s stock valued at $57,000 after acquiring an additional 7,724 shares during the period. 96.73% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently weighed in on NEOG shares. CJS Securities started coverage on Neogen in a research report on Monday, September 29th. They set a “market perform” rating and a $10.00 price target on the stock. Piper Sandler set a $6.50 target price on Neogen and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Zacks Research upgraded Neogen from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. William Blair downgraded shares of Neogen from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 29th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Neogen in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Neogen has a consensus rating of “Hold” and an average target price of $8.83.

Neogen Trading Down 1.5%

Shares of Neogen stock opened at $6.37 on Friday. The business has a fifty day simple moving average of $5.91 and a 200-day simple moving average of $5.60. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -1.33 and a beta of 1.90. Neogen Corporation has a fifty-two week low of $3.87 and a fifty-two week high of $15.73. 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 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.