CIBC Bancorp USA Inc. Invests $28.97 Million in Neogen Corporation $NEOG

CIBC Bancorp USA Inc. bought a new stake in Neogen Corporation (NASDAQ:NEOG) in the 3rd quarter, Holdings Channel.com reports. The firm bought 5,073,316 shares of the company’s stock, valued at approximately $28,969,000.

A number of other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Neogen by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 23,963,223 shares of the company’s stock valued at $136,830,000 after purchasing an additional 385,885 shares during the period. ING Groep NV acquired a new position in Neogen during the third quarter worth approximately $80,288,000. Clarkston Capital Partners LLC lifted its stake in Neogen by 123.2% in the second quarter. Clarkston Capital Partners LLC now owns 14,005,725 shares of the company’s stock valued at $66,947,000 after buying an additional 7,729,650 shares during the last quarter. Norges Bank purchased a new stake in Neogen in the second quarter valued at approximately $43,387,000. Finally, Mackenzie Financial Corp boosted its holdings in shares of Neogen by 0.7% in the second quarter. Mackenzie Financial Corp now owns 7,813,079 shares of the company’s stock valued at $37,347,000 after acquiring an additional 54,590 shares during the period. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Trading Down 4.4%

Shares of NEOG stock opened at $8.86 on Thursday. The company has a market capitalization of $1.93 billion, a P/E ratio of -3.20 and a beta of 1.95. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average is $10.22 and its two-hundred day moving average is $7.60. Neogen Corporation has a twelve month low of $3.87 and a twelve month high of $11.43.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Thursday, January 8th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.07 by $0.03. The company had revenue of $224.69 million during the quarter, compared to the consensus estimate of $208.50 million. Neogen had a negative net margin of 68.47% and a positive return on equity of 2.14%. Neogen’s quarterly revenue was down 2.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.11 EPS. Equities analysts forecast that Neogen Corporation will post 0.38 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NEOG. CJS Securities upgraded shares of Neogen from a “market perform” rating to an “outperform” rating and set a $10.00 target price on the stock in a research report on Wednesday, December 10th. Piper Sandler reiterated a “neutral” rating and issued a $10.00 price target (up from $6.50) on shares of Neogen in a research report on Monday, January 12th. Guggenheim reiterated a “buy” rating and set a $12.00 price target (up from $8.00) on shares of Neogen in a research note on Friday, January 9th. Wall Street Zen raised shares of Neogen from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Neogen in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $10.67.

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.