Norges Bank Acquires Shares of 17,477,007 Neogen Co. (NASDAQ:NEOG)

Norges Bank purchased a new stake in Neogen Co. (NASDAQ:NEOG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 17,477,007 shares of the company's stock, valued at approximately $212,171,000. Norges Bank owned 8.06% of Neogen as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in NEOG. Zions Bancorporation N.A. lifted its holdings in Neogen by 17.2% during the fourth quarter. Zions Bancorporation N.A. now owns 116,916 shares of the company's stock worth $1,419,000 after acquiring an additional 17,119 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Neogen by 9.8% during the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock valued at $262,676,000 after purchasing an additional 1,928,491 shares in the last quarter. Bridge City Capital LLC grew its position in shares of Neogen by 6.4% in the 4th quarter. Bridge City Capital LLC now owns 326,437 shares of the company's stock valued at $3,963,000 after purchasing an additional 19,507 shares during the period. Stevens Capital Management LP acquired a new position in shares of Neogen in the 4th quarter valued at approximately $202,000. Finally, LPL Financial LLC increased its stake in Neogen by 17.0% during the 4th quarter. LPL Financial LLC now owns 179,133 shares of the company's stock worth $2,107,000 after purchasing an additional 26,002 shares in the last quarter. Institutional investors own 96.73% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Piper Sandler reiterated a "neutral" rating and issued a $13.00 price target (down previously from $16.50) on shares of Neogen in a report on Tuesday, January 21st. Guggenheim initiated coverage on shares of Neogen in a research note on Thursday, December 19th. They issued a "buy" rating and a $15.00 target price for the company.

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Insider Activity at Neogen

In related news, CFO David H. Naemura purchased 14,800 shares of the firm's stock in a transaction on Thursday, January 16th. The stock was purchased at an average cost of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the purchase, the chief financial officer now directly owns 61,434 shares in the company, valued at $682,531.74. This trade represents a 31.74 % 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 hyperlink. Also, CEO John Edward Adent acquired 23,035 shares of the company's stock in a transaction dated Thursday, January 16th. The shares were bought at an average price of $11.03 per share, for a total transaction of $254,076.05. Following the purchase, the chief executive officer now owns 269,164 shares in the company, valued at approximately $2,968,878.92. This represents a 9.36 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is owned by company insiders.

Neogen Stock Down 5.0 %

NASDAQ:NEOG traded down $0.43 during trading hours on Thursday, reaching $8.16. 1,811,722 shares of the stock were exchanged, compared to its average volume of 2,271,802. The stock has a market cap of $1.77 billion, a PE ratio of -3.73 and a beta of 1.27. Neogen Co. has a twelve month low of $8.04 and a twelve month high of $18.58. The firm has a 50 day moving average of $9.95 and a 200 day moving average of $12.59. The company has a debt-to-equity ratio of 0.33, a current ratio of 3.77 and a quick ratio of 2.46.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its earnings results on Friday, January 10th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business had revenue of $231.30 million during the quarter, compared to analysts' expectations of $227.16 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The firm's revenue was up .7% on a year-over-year basis. On average, equities analysts expect that Neogen Co. will post 0.38 earnings per share for the current year.

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.