Handelsbanken Fonder AB Boosts Stake in Neogen Co. (NASDAQ:NEOG)

Handelsbanken Fonder AB lifted its holdings in shares of Neogen Co. (NASDAQ:NEOG) by 11.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 64,264 shares of the company’s stock after purchasing an additional 6,600 shares during the quarter. Handelsbanken Fonder AB’s holdings in Neogen were worth $1,080,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NEOG. Vanguard Group Inc. lifted its position in Neogen by 9.3% in the fourth quarter. Vanguard Group Inc. now owns 19,546,737 shares of the company’s stock valued at $393,085,000 after buying an additional 1,663,125 shares during the last quarter. Napatree Capital LLC purchased a new position in shares of Neogen during the 4th quarter worth approximately $788,000. Moody National Bank Trust Division acquired a new stake in Neogen in the 1st quarter valued at approximately $161,000. Bridge City Capital LLC raised its position in Neogen by 0.8% in the first quarter. Bridge City Capital LLC now owns 177,204 shares of the company’s stock valued at $2,796,000 after purchasing an additional 1,389 shares during the period. Finally, Northwest Investment Counselors LLC lifted its stake in Neogen by 1.1% during the first 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 in the last quarter. 96.73% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Neogen

In other news, Director James P. Tobin bought 3,000 shares of Neogen stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average price of $16.86 per share, with a total value of $50,580.00. Following the completion of the acquisition, the director now directly owns 23,392 shares in the company, valued at $394,389.12. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

NEOG has been the topic of several research analyst reports. 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 shares of Neogen to a “sell” rating in a research note on Monday, September 30th.

Neogen Stock Performance

Shares of NEOG stock opened at $14.43 on Friday. The firm has a 50 day moving average of $16.22 and a two-hundred day moving average of $15.19. The stock has a market capitalization of $3.13 billion, a PE ratio of -360.75 and a beta of 1.21. The company has a quick ratio of 2.59, a current ratio of 3.82 and a debt-to-equity ratio of 0.28. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $20.89.

Neogen (NASDAQ:NEOG) last released its earnings results on Thursday, October 10th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.03). Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The company had revenue of $217.00 million during the quarter, compared to analysts’ expectations of $215.05 million. During the same quarter last year, the business posted $0.11 earnings per share. The company’s revenue for the quarter was down 5.2% on a year-over-year basis. On average, research analysts predict that Neogen Co. will post 0.54 EPS for the current fiscal year.

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.