Bank of New York Mellon Corp Reduces Stock Holdings in Neogen Co. (NASDAQ:NEOG)

Bank of New York Mellon Corp decreased its position in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 3.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,565,623 shares of the company's stock after selling 48,678 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.72% of Neogen worth $19,007,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of NEOG. Fred Alger Management LLC boosted its position in shares of Neogen by 86.5% during the 3rd quarter. Fred Alger Management LLC now owns 3,986,744 shares of the company's stock valued at $67,017,000 after acquiring an additional 1,849,427 shares during the last quarter. American Capital Management Inc. lifted its position in Neogen by 36.5% in the third quarter. American Capital Management Inc. now owns 3,414,700 shares of the company's stock valued at $57,401,000 after buying an additional 913,604 shares during the last quarter. Champlain Investment Partners LLC lifted its position in Neogen by 10.7% in the third quarter. Champlain Investment Partners LLC now owns 7,110,530 shares of the company's stock valued at $119,528,000 after buying an additional 690,029 shares during the last quarter. Harbor Capital Advisors Inc. lifted its position in Neogen by 32.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 1,303,465 shares of the company's stock valued at $15,824,000 after buying an additional 316,457 shares during the last quarter. Finally, State Street Corp lifted its position in Neogen by 3.1% in the third quarter. State Street Corp now owns 7,932,192 shares of the company's stock valued at $133,340,000 after buying an additional 236,762 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company's stock.

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Neogen Trading Down 1.8 %

NASDAQ:NEOG traded down $0.17 on Friday, reaching $9.05. 3,105,470 shares of the company's stock were exchanged, compared to its average volume of 1,997,597. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -4.13 and a beta of 1.27. The business has a fifty day moving average of $10.95 and a 200-day moving average of $13.37. Neogen Co. has a 52-week low of $9.01 and a 52-week high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last released its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $231.30 million for the quarter, compared to analyst estimates of $227.16 million. During the same period in the prior year, the firm earned $0.11 earnings per share. The business's quarterly revenue was up .7% compared to the same quarter last year. As a group, analysts expect that Neogen Co. will post 0.38 earnings per share for the current year.

Insider Buying and Selling at Neogen

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

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Piper Sandler reaffirmed a "neutral" rating and issued a $13.00 target price (down previously from $16.50) on shares of Neogen in a research report on Tuesday, January 21st. Guggenheim started coverage on shares of Neogen in a research report on Thursday, December 19th. They issued a "buy" rating and a $15.00 target price on the stock.

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.