Neogen Co. (NASDAQ:NEOG) Shares Sold by Granite Investment Partners LLC

Granite Investment Partners LLC lessened its holdings in Neogen Co. (NASDAQ:NEOG) by 3.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,069,613 shares of the company’s stock after selling 82,778 shares during the period. Neogen makes up 1.3% of Granite Investment Partners LLC’s investment portfolio, making the stock its 12th largest position. Granite Investment Partners LLC owned 0.96% of Neogen worth $32,348,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Covestor Ltd raised its holdings in shares of Neogen by 173.2% in the 1st 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 period. Innealta Capital LLC purchased a new stake in shares of Neogen in the 2nd quarter valued at $46,000. Headlands Technologies LLC raised its holdings in shares of Neogen by 264.1% in the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company’s stock valued at $53,000 after buying an additional 2,464 shares during the period. Family Firm Inc. purchased a new stake in shares of Neogen in the 2nd quarter valued at $90,000. Finally, Quantum Private Wealth LLC purchased a new stake in shares of Neogen in the 2nd quarter valued at $156,000. Institutional investors and hedge funds own 96.73% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on NEOG shares. Piper Sandler boosted their price objective on Neogen from $17.00 to $17.50 and gave the company a “neutral” rating in a report on Tuesday, August 6th. StockNews.com upgraded Neogen to a “sell” rating in a report on Friday, September 13th.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $17.53 on Friday. The stock’s 50-day moving average is $16.58 and its two-hundred day moving average is $15.18. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.82 and a quick ratio of 2.59. Neogen Co. has a 1-year low of $11.46 and a 1-year high of $20.89. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 1,753.00 and a beta of 1.21.

Neogen (NASDAQ:NEOG) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 3.09% and a negative net margin of 1.02%. The company had revenue of $236.80 million for the quarter, compared to analysts’ expectations of $225.83 million. During the same quarter last year, the company earned $0.14 EPS. Neogen’s revenue for the quarter was down 2.1% compared to the same quarter last year. Analysts forecast that Neogen Co. will post 0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other Neogen news, Director James P. Tobin acquired 3,000 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were acquired at an average price of $16.86 per share, for a total transaction of $50,580.00. Following the acquisition, the director now owns 23,392 shares in the company, valued at approximately $394,389.12. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.71% of the stock is owned by company insiders.

About Neogen

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.