Envestnet Portfolio Solutions Inc. Boosts Stock Holdings in Neogen Corporation $NEOG

Envestnet Portfolio Solutions Inc. boosted its stake in shares of Neogen Corporation (NASDAQ:NEOG) by 260.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 68,349 shares of the company’s stock after acquiring 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.

Several other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Neogen by 8.8% during the first quarter. Vanguard Group Inc. now owns 23,550,128 shares of the company’s stock valued at $204,180,000 after acquiring an additional 1,912,877 shares in the last quarter. Gates Capital Management Inc. purchased a new position in shares of Neogen in the 1st quarter worth $79,391,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Neogen by 18.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 8,458,494 shares of the company’s stock worth $73,336,000 after buying an additional 1,343,792 shares in the last quarter. Clarkston Capital Partners LLC grew its stake in shares of Neogen by 118.9% in the 1st quarter. Clarkston Capital Partners LLC now owns 6,276,075 shares of the company’s stock worth $54,414,000 after buying an additional 3,409,409 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Neogen by 16.5% in the 1st quarter. American Century Companies Inc. now owns 3,034,872 shares of the company’s stock worth $26,312,000 after buying an additional 428,829 shares in the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on NEOG shares. Guggenheim dropped their price objective on shares of Neogen from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, June 30th. Piper Sandler set a $6.50 price objective on shares of Neogen and gave the stock a “neutral” rating in a research note on Thursday, October 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Neogen in a research note on Wednesday, October 8th. Wall Street Zen upgraded shares of Neogen from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Finally, William Blair lowered shares of Neogen from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 29th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.83.

Neogen Trading Down 1.1%

Shares of NEOG opened at $6.07 on Friday. Neogen Corporation has a 1-year low of $3.87 and a 1-year high of $16.79. The company has a 50-day moving average of $5.73 and a 200 day moving average of $5.49. The firm has a market capitalization of $1.32 billion, a price-to-earnings ratio of -1.26 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.26.

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.