QRG Capital Management Inc. Grows Stock Position in Neogen Co. (NASDAQ:NEOG)

QRG Capital Management Inc. increased its position in shares of Neogen Co. (NASDAQ:NEOG) by 26.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,223 shares of the company’s stock after purchasing an additional 4,049 shares during the quarter. QRG Capital Management Inc.’s holdings in Neogen were worth $323,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd raised its position in shares of Neogen by 173.2% in the first quarter. Covestor Ltd now owns 1,970 shares of the company’s stock valued at $31,000 after buying an additional 1,249 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Neogen by 142.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company’s stock valued at $33,000 after acquiring an additional 1,165 shares during the last quarter. Innealta Capital LLC purchased a new position in Neogen in the 2nd quarter worth approximately $46,000. Headlands Technologies LLC boosted its stake in Neogen by 264.1% during the second quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock worth $53,000 after buying an additional 2,464 shares during the last quarter. Finally, Family Firm Inc. acquired a new position in shares of Neogen during the 2nd quarter valued at about $90,000. 96.73% of the stock is owned by institutional investors and hedge funds.

Neogen Stock Performance

Shares of NEOG stock opened at $16.40 on Tuesday. Neogen Co. has a 12 month low of $11.46 and a 12 month high of $20.89. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28. The company has a market cap of $3.55 billion, a P/E ratio of -149.09 and a beta of 1.23. The firm has a fifty day moving average price of $15.37 and a 200 day moving average price of $15.40.

Neogen (NASDAQ:NEOG) last posted its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.03). The business had revenue of $217.00 million for the quarter, compared to analysts’ expectations of $215.05 million. Neogen had a positive return on equity of 2.80% and a negative net margin of 2.58%. Neogen’s revenue for the quarter was down 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.11 EPS. Sell-side analysts predict that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NEOG. Piper Sandler upped their price target on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. StockNews.com raised shares of Neogen to a “sell” rating in a research report on Monday, September 30th.

Insider Activity

In related news, CEO John Edward Adent purchased 14,500 shares of Neogen stock in a transaction that occurred on Friday, October 11th. The stock was purchased at an average cost of $13.80 per share, with a total value of $200,100.00. Following the completion of the transaction, the chief executive officer now directly owns 216,477 shares in the company, valued at approximately $2,987,382.60. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.13% of the company’s stock.

Neogen Company Profile

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.