Clarkston Capital Partners LLC Takes $34.80 Million Position in Neogen Co. (NASDAQ:NEOG)

Clarkston Capital Partners LLC acquired a new stake in Neogen Co. (NASDAQ:NEOG - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,866,666 shares of the company's stock, valued at approximately $34,801,000. Clarkston Capital Partners LLC owned about 1.32% of Neogen at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of Neogen by 9.8% during the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock valued at $262,676,000 after buying an additional 1,928,491 shares during the last quarter. Private Advisor Group LLC increased its stake in Neogen by 135.3% in the fourth quarter. Private Advisor Group LLC now owns 67,298 shares of the company's stock worth $817,000 after purchasing an additional 38,703 shares during the period. Norges Bank purchased a new stake in Neogen in the fourth quarter worth $212,171,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Neogen by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,061,927 shares of the company's stock valued at $25,032,000 after purchasing an additional 52,663 shares during the period. Finally, State Street Corp grew its holdings in shares of Neogen by 3.1% in the third quarter. State Street Corp now owns 7,932,192 shares of the company's stock worth $133,340,000 after purchasing an additional 236,762 shares during the last quarter. Hedge funds and other institutional investors own 96.73% of the company's stock.

Neogen Stock Down 3.2 %

Shares of Neogen stock traded down $0.18 during trading on Friday, hitting $5.45. 3,500,306 shares of the stock traded hands, compared to its average volume of 2,542,782. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33. The stock's fifty day simple moving average is $9.18 and its 200 day simple moving average is $12.04. The firm has a market cap of $1.18 billion, a P/E ratio of -2.48 and a beta of 1.57. Neogen Co. has a 52-week low of $3.87 and a 52-week high of $18.58.

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Neogen (NASDAQ:NEOG - Get Free Report) last issued its earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business had revenue of $221.00 million for the quarter, compared to the consensus estimate of $225.27 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. The firm's revenue was down 3.4% on a year-over-year basis. On average, equities analysts predict that Neogen Co. will post 0.38 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NEOG shares. Guggenheim decreased their price objective on shares of Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday. Piper Sandler reaffirmed a "neutral" rating and set a $13.00 price target (down previously from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

Insider Buying and Selling at Neogen

In other news, CFO David H. Naemura bought 14,800 shares of the stock in a transaction on Thursday, January 16th. The stock was bought 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 approximately $682,531.74. The trade was a 31.74 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Edward Adent purchased 23,035 shares of the business's stock in a transaction on Thursday, January 16th. The stock was purchased at an average cost of $11.03 per share, for a total transaction of $254,076.05. Following the completion of the acquisition, the chief executive officer now directly owns 269,164 shares of the company's stock, valued at approximately $2,968,878.92. The trade was a 9.36 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 47,835 shares of company stock valued at $469,204. 1.13% of the stock is currently owned by corporate 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.