Norges Bank Investment Management has recently announced that it has increased stake in Neogen Corp. (NASDAQ:NEOG) by 27.52%. After grabbing 18.4 million shares, the institutional investor is now in possession of 3.97 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 8.51% having worth around $370.04 million. Moreover, William Blair Investment Manageme increased its share by 0.52 million to have a control over 8.38 million shares. And Luther King Capital Management Co raised its holdings to 0.12 million shares by acquiring 5.93 million shares or 2.74% of the stake.
Neogen Corp. (NEOG) concluded trading on Thursday at a closing price of $16.20, with 3.37 million shares of worth about $54.56 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -28.26% during that period and on Thursday, January 25 the price saw a loss of about -1.04%. Currently the company’s common shares owned by public are about 216.52M shares, out of which, 216.25M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 15 times over the past 12 months. They bought 28,000 shares in 6 of the transactions. In 9 selling transactions, insiders dumped 8,644 shares.
Government Pension Fund – Global, Vanguard Total Stock Market ETF, and iShares Core S&P Mid Cap ETF are the top 3 mutual funds which are holding stakes in Neogen Corp. Government Pension Fund – Global is currently holding 18.4 million shares of worth totaling $370.04 million. The company recently came buying 17.55 million shares which brought its stake up to 8.51% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 6273.0 shares, after which its hold over company’s outstanding shares expand to 2.82%, leaving 6.11 million shares with the mutual fund that have a worth of about $122.81 million. iShares Core S&P Mid Cap ETF, after buying 5.98 million shares, have now control over 2.77% of the stake in the company. It holds 5410.0 shares of worth $120.27 million.
However, the stock later moved at a day high price of 16.66, or with a loss of -1.04%. Stock saw a price change of -4.65% in past 5 days and over the past one month there was a price change of -21.47%. Year-to-date (YTD), NEOG shares are showing a performance of -19.44% which decreased to -18.26% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $14.44 but also hit the highest price of $24.09 during that period. The average intraday trading volume for Neogen Corp. shares is 1.77 million. The stock is currently trading -13.01% below its 20-day simple moving average (SMA20), while that difference is down -10.18% for SMA50 and it goes to -14.28% lower than SMA200.
Norges Bank Investment Management acquired 18.4 million shares of Neogen Corp. having value of about $370.04 million. Data submitted at the U.S SEC by Norges Bank Investment Management revealed that the firm now holds 3.97 million shares in the company valued at close to $64331868.6, or have control over 27.52% stake in the company. Neogen Corp. (NASDAQ: NEOG) currently have 216.52M outstanding shares and institutions hold larger chunk of about 102.48% of that. Holding of mutual funds in the company is about 41.81% while other institutional holders and individual stake holders have control over 60.99% and 0.80% of the stake respectively.
The stock has a current market capitalization of $3.51B and its 3Y-monthly beta is at 1.12. PE ratio of stock for trailing 12 months is 297.79, while it has posted earnings per share of $0.05 in the same period. Its PEG reads 29.78 and has Quick Ratio of 2.63 while making debt-to-equity ratio of 0.28. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for NEOG, volatility over the week remained 4.10% while standing at 3.73% over the month.
Analysts are in expectations that Neogen Corp. (NEOG) stock would likely to be making an EPS of $0.14 in the current quarter, while forecast for next quarter EPS is $0.17 and it is $0.77 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.14 which is $0.14 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.12 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 137.50% while it is estimated to increase by 311.11% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wells Fargo on June 16, 2023 offering an Overweight rating for the stock and assigned a target price of $22 to it.
