Covestor Ltd Trims Position in Neogen Co. (NASDAQ:NEOG)

Covestor Ltd reduced its position in Neogen Co. (NASDAQ:NEOG) by 50.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,901 shares of the company’s stock after selling 2,932 shares during the period. Covestor Ltd’s holdings in Neogen were worth $49,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. William Blair Investment Management LLC grew its position in shares of Neogen by 64.7% in the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company’s stock valued at $187,764,000 after purchasing an additional 4,717,696 shares during the period. Select Equity Group L.P. grew its holdings in Neogen by 23.1% in the 2nd quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company’s stock valued at $242,741,000 after buying an additional 2,914,893 shares during the period. Dimensional Fund Advisors LP grew its holdings in Neogen by 148.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company’s stock valued at $64,229,000 after buying an additional 2,454,566 shares during the period. Shapiro Capital Management LLC purchased a new position in shares of Neogen during the 2nd quarter worth about $31,087,000. Finally, Fred Alger Management LLC boosted its position in shares of Neogen by 542.3% in the second quarter. Fred Alger Management LLC now owns 2,137,317 shares of the company’s stock worth $33,406,000 after acquiring an additional 1,804,550 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Neogen Stock Down 3.6 %

NEOG opened at $14.64 on Friday. The company has a market cap of $3.17 billion, a PE ratio of -133.09 and a beta of 1.23. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.79 and a current ratio of 4.41. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $20.89. The firm has a 50 day moving average price of $15.31 and a 200 day moving average price of $15.41.

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

Insider Buying and Selling at Neogen

In related news, CEO John Edward Adent bought 14,500 shares of the stock in a transaction dated Friday, October 11th. The stock was acquired at an average price of $13.80 per share, for a total transaction of $200,100.00. Following the completion of the purchase, the chief executive officer now owns 216,477 shares in the company, valued at $2,987,382.60. This represents a 7.18 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.13% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NEOG has been the topic of a number of recent analyst reports. Piper Sandler increased their price target on shares of Neogen from $17.00 to $17.50 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. StockNews.com upgraded Neogen to a “sell” rating in a report on Monday, September 30th.

Neogen 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.