Franklin Resources Inc. Sells 777,402 Shares of Neogen Corporation $NEOG

Franklin Resources Inc. lessened its stake in shares of Neogen Corporation (NASDAQ:NEOG) by 83.4% in the 2nd quarter, Holdings Channel reports. The firm owned 154,901 shares of the company’s stock after selling 777,402 shares during the period. Franklin Resources Inc.’s holdings in Neogen were worth $740,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NEOG. Savant Capital LLC purchased a new stake in shares of Neogen in the second quarter worth about $50,000. Blue Trust Inc. raised its holdings in shares of Neogen by 181.7% during the 2nd quarter. Blue Trust Inc. now owns 11,974 shares of the company’s stock worth $57,000 after acquiring an additional 7,724 shares in the last quarter. AlphaQuest LLC boosted its position in shares of Neogen by 20,281.9% during the 2nd quarter. AlphaQuest LLC now owns 14,675 shares of the company’s stock valued at $70,000 after acquiring an additional 14,603 shares during the last quarter. Pinnacle Wealth Planning Services Inc. purchased a new position in shares of Neogen in the second quarter valued at $71,000. Finally, Greenleaf Trust bought a new stake in Neogen in the second quarter worth $76,000. 96.73% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on NEOG shares. Wall Street Zen lowered shares of Neogen from a “buy” rating to a “hold” rating in a research report on Sunday, November 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a research report on Monday, December 1st. Piper Sandler set a $6.50 price target on Neogen and gave the stock a “neutral” rating in a research report on Thursday, October 16th. CJS Securities assumed coverage on Neogen in a research report on Monday, September 29th. They set a “market perform” rating and a $10.00 price objective on the stock. Finally, Zacks Research raised Neogen from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $8.83.

Neogen Stock Up 0.8%

Shares of NASDAQ NEOG opened at $5.98 on Monday. Neogen Corporation has a 1 year low of $3.87 and a 1 year high of $13.51. The firm has a 50-day simple moving average of $6.02 and a two-hundred day simple moving average of $5.60. The company has a market cap of $1.30 billion, a P/E ratio of -1.25 and a beta of 1.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.58 and a quick ratio of 2.26.

About Neogen

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.