King Luther Capital Management Corp Cuts Stock Holdings in Neogen Corporation $NEOG

King Luther Capital Management Corp lowered its holdings in shares of Neogen Corporation (NASDAQ:NEOG) by 68.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,094,232 shares of the company’s stock after selling 2,343,940 shares during the period. King Luther Capital Management Corp owned 0.50% of Neogen worth $6,248,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of NEOG. Savant Capital LLC acquired a new position in Neogen during the second quarter worth about $50,000. Cresset Asset Management LLC acquired a new position in Neogen during the second quarter worth $53,000. Evergreen Capital Management LLC acquired a new stake in Neogen in the second quarter valued at $56,000. Plan A Wealth LLC acquired a new position in shares of Neogen during the 3rd quarter worth $68,000. Finally, Drive Wealth Management LLC purchased a new stake in shares of Neogen in the 3rd quarter worth about $68,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Neogen Stock Down 1.5%

Shares of NASDAQ:NEOG opened at $10.98 on Friday. The firm has a market cap of $2.39 billion, a PE ratio of -3.96 and a beta of 1.98. The company has a fifty day simple moving average of $9.02 and a 200 day simple moving average of $6.93. The company has a current ratio of 3.91, a quick ratio of 2.80 and a debt-to-equity ratio of 0.38. Neogen Corporation has a 12-month low of $3.87 and a 12-month high of $11.23.

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

About Neogen

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.