Paradigm Capital Management Inc. NY Purchases New Stake in Neogen Corporation $NEOG

Paradigm Capital Management Inc. NY purchased a new position in shares of Neogen Corporation (NASDAQ:NEOG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 52,000 shares of the company’s stock, valued at approximately $467,000.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in Neogen during the 2nd quarter worth approximately $300,545,000. Cibc World Markets Corp bought a new stake in shares of Neogen in the 4th quarter valued at approximately $47,983,000. T. Rowe Price Investment Management Inc. raised its position in shares of Neogen by 249.2% during 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 acquiring an additional 5,838,570 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Neogen by 287.4% during the 1st quarter. SG Americas Securities LLC now owns 6,266,033 shares of the company’s stock valued at $58,211,000 after acquiring an additional 4,648,436 shares in the last quarter. Finally, Bank of Montreal Can lifted its stake in Neogen by 4,059.4% during the third quarter. Bank of Montreal Can now owns 4,592,218 shares of the company’s stock worth $26,222,000 after purchasing an additional 4,481,812 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $13.00 price target (up from $11.00) on shares of Neogen in a report on Monday, August 3rd. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, Weiss Ratings upgraded 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 issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Neogen presently has an average rating of “Hold” and an average price target of $11.67.

Neogen Price Performance

Shares of NASDAQ:NEOG opened at $11.60 on Tuesday. The firm’s 50 day moving average is $10.27 and its two-hundred day moving average is $9.83. The firm has a market capitalization of $2.53 billion, a P/E ratio of -386.67, a PEG ratio of 4.72 and a beta of 1.76. The company has a current ratio of 3.82, a quick ratio of 2.91 and a debt-to-equity ratio of 0.38. Neogen Corporation has a 52 week low of $4.90 and a 52 week high of $12.85.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.03. Neogen had a positive return on equity of 2.78% and a negative net margin of 0.91%.The business had revenue of $225.30 million during the quarter, compared to analyst estimates of $212.35 million. During the same period in the prior year, the company posted ($2.82) EPS. The business’s revenue for the quarter was down .1% compared to the same quarter last year. Analysts anticipate that Neogen Corporation will post 0.25 earnings per share for the current year.

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.