Conestoga Capital Advisors, an asset management company, released its “Small Cap Strategy” first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Conestoga Small Cap Composite returned 3.69% in the first quarter compared to 7.58% for the Russell 2000 Growth Index. The market continued to rise in the first quarter as many major asset classes delivered positive returns. Lack of holdings in Super Micro Computer Inc. (SMCI) and MicroStrategy Inc. (MSTR), the largest names in the benchmark, was the major reason for the underperformance of the portfolio relative to the index. In addition, stock selection in the technology sector, especially within the software industry proved challenging. Please check the top 5 holdings of the fund for a better understanding of their best picks for 2024.
Conestoga Capital Advisors Small Cap Strategy highlighted stocks like Neogen Corporation (NASDAQ:NEOG), in the first quarter 2024 investor letter. Neogen Corporation (NASDAQ:NEOG), with a market capitalization of $2.961 billion, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety. One-month return of Neogen Corporation (NASDAQ:NEOG) was 11.05%, and its shares lost 16.90% of their value over the last 52 weeks. On May 20, 2024, Neogen Corporation (NASDAQ:NEOG) stock closed at $13.67 per share.
Conestoga Capital Advisors Small Cap Strategy stated the following regarding Neogen Corporation (NASDAQ:NEOG) in its first quarter 2024 investor letter:
“Neogen Corporation (NASDAQ:NEOG): Based in East Lansing, MI, NEOG is a leading manufacturer and developer of food and animal safety solutions. The company reported mixed quarterly results and lowered revenue and earnings guidance for its fiscal year. The company’s food safety business is still challenged by macro-economic conditions and the integration of the acquired 3M food safety business. NEOG’s animal safety business is dealing with destocking and the end market recovery is taking longer than management originally anticipated. We are closely evaluating this company and members of the investment team are scheduled for a site visit with the company at the end of April.”
A research laboratory showing advanced diagnostic equipment used to protect public health.
Neogen Corporation’s (NASDAQ:NEOG) trailing 12 months revenue is $929.24 million and year over year quarterly revenue growth rate is 4.80%. According to recent earnings call the first quarter revenues of Neogen Corporation (NASDAQ:NEOG) were $229 million.
Neogen Corporation (NASDAQ:NEOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 17 hedge fund portfolios held Neogen Corporation (NASDAQ:NEOG) at the end of the fourth quarter which was 18 in the previous quarter.
In another article, we discussed Neogen Corporation (NASDAQ:NEOG) and shared the list of oversold growth stocks to buy. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
