Commonwealth Equity Services LLC Reduces Position in Neogen Co. (NASDAQ:NEOG)

Commonwealth Equity Services LLC decreased its position in Neogen Co. (NASDAQ:NEOG) by 2.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 35,440 shares of the company’s stock after selling 990 shares during the period. Commonwealth Equity Services LLC’s holdings in Neogen were worth $559,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. boosted its position in shares of Neogen by 5.8% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 12,900 shares of the company’s stock worth $259,000 after purchasing an additional 711 shares during the period. Sheets Smith Wealth Management boosted its position in shares of Neogen by 2.6% during the 4th quarter. Sheets Smith Wealth Management now owns 30,795 shares of the company’s stock worth $619,000 after purchasing an additional 771 shares during the period. Northwest Investment Counselors LLC boosted its position in shares of Neogen by 1.1% during the 1st quarter. Northwest Investment Counselors LLC now owns 71,621 shares of the company’s stock worth $1,130,000 after purchasing an additional 809 shares during the period. Retirement Systems of Alabama boosted its position in shares of Neogen by 0.3% during the 4th quarter. Retirement Systems of Alabama now owns 246,534 shares of the company’s stock worth $4,958,000 after purchasing an additional 827 shares during the period. Finally, Values First Advisors Inc. boosted its position in shares of Neogen by 6.3% during the 4th quarter. Values First Advisors Inc. now owns 15,137 shares of the company’s stock worth $304,000 after purchasing an additional 896 shares during the period. Hedge funds and other institutional investors own 96.73% of the company’s stock.

Neogen Price Performance

Shares of NEOG opened at $16.21 on Friday. Neogen Co. has a twelve month low of $11.46 and a twelve month high of $24.09. The firm’s fifty day simple moving average is $14.71 and its 200-day simple moving average is $15.54. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of 1,620.50 and a beta of 1.20. The company has a current ratio of 3.82, a quick ratio of 2.66 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last announced its quarterly earnings data on Tuesday, April 9th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). Neogen had a net margin of 0.17% and a return on equity of 3.35%. The firm had revenue of $228.80 million during the quarter, compared to analyst estimates of $230.01 million. During the same quarter in the previous year, the business posted $0.12 earnings per share. Neogen’s revenue for the quarter was up 4.8% compared to the same quarter last year. Equities analysts forecast that Neogen Co. will post 0.46 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NEOG has been the topic of a number of research reports. Piper Sandler reduced their target price on shares of Neogen from $19.00 to $17.00 and set a “neutral” rating on the stock in a report on Monday, April 15th. StockNews.com upgraded shares of Neogen to a “sell” rating in a report on Wednesday.

Insider Activity

In other news, COO Douglas Edward Jones acquired 10,000 shares of Neogen stock in a transaction dated Wednesday, April 17th. The shares were acquired at an average cost of $12.36 per share, for a total transaction of $123,600.00. Following the acquisition, the chief operating officer now owns 46,131 shares of the company’s stock, valued at $570,179.16. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.71% of the company’s stock.

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.