FMR LLC reduced its stake in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 97.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 14,586 shares of the company's stock after selling 552,134 shares during the period. FMR LLC's holdings in Neogen were worth $245,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEOG. Allspring Global Investments Holdings LLC lifted its stake in Neogen by 142.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company's stock worth $33,000 after purchasing an additional 1,165 shares during the last quarter. Innealta Capital LLC purchased a new position in Neogen during the 2nd quarter valued at $46,000. Headlands Technologies LLC boosted its stake in shares of Neogen by 264.1% during the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company's stock valued at $53,000 after purchasing an additional 2,464 shares in the last quarter. Marco Investment Management LLC purchased a new position in shares of Neogen during the third quarter valued at about $169,000. Finally, Raymond James Trust N.A. purchased a new stake in Neogen in the third quarter worth about $182,000. 96.73% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on NEOG. Guggenheim initiated coverage on Neogen in a report on Thursday. They set a "buy" rating and a $15.00 target price on the stock. StockNews.com raised Neogen to a "sell" rating in a research note on Monday, September 30th.
Check Out Our Latest Analysis on Neogen
Neogen Price Performance
NASDAQ:NEOG traded up $0.02 during trading hours on Friday, hitting $12.04. 4,133,540 shares of the stock traded hands, compared to its average volume of 1,925,693. The stock has a 50 day moving average price of $14.04 and a 200 day moving average price of $15.51. 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 $2.61 billion, a price-to-earnings ratio of -109.45 and a beta of 1.21. The company has a quick ratio of 2.79, a current ratio of 4.41 and a debt-to-equity ratio of 0.28.
Neogen (NASDAQ:NEOG - Get Free Report) last posted its earnings results on Thursday, October 10th. The company reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.03). Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The firm had revenue of $217.00 million for the quarter, compared to the consensus estimate of $215.05 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The firm's revenue was down 5.2% compared to the same quarter last year. Sell-side analysts forecast that Neogen Co. will post 0.5 EPS for the current fiscal year.
Insider Transactions at Neogen
In related news, CEO John Edward Adent bought 14,500 shares of the stock in a transaction that occurred on Friday, October 11th. The stock was bought at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the purchase, the chief executive officer now directly owns 216,477 shares of the company's stock, valued at approximately $2,987,382.60. This trade represents a 7.18 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.13% of the company's stock.
About Neogen
(
Free Report)
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.
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