Franklin Resources Inc. Boosts Stock Holdings in Neogen Co. (NASDAQ:NEOG)

Franklin Resources Inc. boosted its holdings in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 33.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 923,918 shares of the company's stock after acquiring an additional 233,796 shares during the quarter. Franklin Resources Inc. owned 0.43% of Neogen worth $15,531,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NEOG. Allspring Global Investments Holdings LLC increased its stake in shares of Neogen by 142.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company's stock valued at $33,000 after buying an additional 1,165 shares during the period. Innealta Capital LLC bought a new position in Neogen during the 2nd quarter worth approximately $46,000. Headlands Technologies LLC raised its holdings in Neogen by 264.1% during the 2nd quarter. Headlands Technologies LLC now owns 3,397 shares of the company's stock worth $53,000 after purchasing an additional 2,464 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Neogen in the 3rd quarter worth approximately $66,000. Finally, Marco Investment Management LLC bought a new stake in shares of Neogen in the 3rd quarter valued at $169,000. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Neogen

In other news, CEO John Edward Adent bought 14,500 shares of the business's stock in a transaction that occurred on Friday, October 11th. The shares were bought at an average cost of $13.80 per share, for a total transaction of $200,100.00. Following the acquisition, the chief executive officer now directly owns 216,477 shares in the company, valued at approximately $2,987,382.60. This trade represents a 7.18 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.13% of the stock is currently owned by corporate insiders.

Neogen Trading Up 0.2 %

Shares of NASDAQ:NEOG traded up $0.02 during mid-day trading on Friday, hitting $12.04. The company had a trading volume of 4,133,540 shares, compared to its average volume of 1,925,693. The company has a debt-to-equity ratio of 0.28, a current ratio of 4.41 and a quick ratio of 2.79. Neogen Co. has a one year low of $11.46 and a one year high of $20.89. The firm has a fifty day moving average price of $14.04 and a 200 day moving average price of $15.51. The company has a market capitalization of $2.61 billion, a PE ratio of -109.45 and a beta of 1.21.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its quarterly earnings results on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.03). The company had revenue of $217.00 million during the quarter, compared to the consensus estimate of $215.05 million. Neogen had a negative net margin of 2.58% and a positive return on equity of 2.80%. The company's revenue for the quarter was down 5.2% on a year-over-year basis. During the same period last year, the firm posted $0.11 earnings per share. As a group, research analysts forecast that Neogen Co. will post 0.5 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of Neogen to a "sell" rating in a research note on Monday, September 30th. Guggenheim assumed coverage on Neogen in a research note on Thursday. They issued a "buy" rating and a $15.00 price objective on the stock.

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.