Invesco Ltd. Grows Position in Neogen Co. (NASDAQ:NEOG)

Invesco Ltd. grew its holdings in Neogen Co. (NASDAQ:NEOG - Free Report) by 36.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 640,623 shares of the company's stock after purchasing an additional 169,652 shares during the quarter. Invesco Ltd. owned about 0.30% of Neogen worth $7,777,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in NEOG. Vanguard Group Inc. increased its position in Neogen by 9.8% during the fourth quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock worth $262,676,000 after purchasing an additional 1,928,491 shares during the last quarter. Norges Bank purchased a new stake in shares of Neogen in the 4th quarter valued at approximately $212,171,000. William Blair Investment Management LLC increased its holdings in shares of Neogen by 8.1% during the 4th quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company's stock worth $174,170,000 after buying an additional 1,074,825 shares during the last quarter. Clarkston Capital Partners LLC purchased a new stake in shares of Neogen during the 4th quarter valued at approximately $34,801,000. Finally, Stephens Investment Management Group LLC lifted its holdings in Neogen by 1.4% in the fourth quarter. Stephens Investment Management Group LLC now owns 2,642,726 shares of the company's stock valued at $32,083,000 after acquiring an additional 36,605 shares during the last quarter. 96.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Neogen

In related news, Director James P. Tobin acquired 10,000 shares of Neogen stock in a transaction dated Tuesday, April 22nd. The stock was acquired at an average price of $4.73 per share, for a total transaction of $47,300.00. Following the transaction, the director now owns 37,474 shares of the company's stock, valued at $177,252.02. This represents a 36.40 % 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 link. Also, Director James C. Borel bought 35,000 shares of the business's stock in a transaction dated Thursday, April 24th. The shares were purchased at an average price of $4.89 per share, for a total transaction of $171,150.00. Following the transaction, the director now directly owns 60,474 shares of the company's stock, valued at approximately $295,717.86. This represents a 137.39 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have bought 67,500 shares of company stock valued at $331,525. Insiders own 1.13% of the company's stock.

Neogen Stock Down 0.4 %

Shares of NEOG traded down $0.02 during mid-day trading on Monday, hitting $5.14. 3,766,423 shares of the company's stock were exchanged, compared to its average volume of 2,748,320. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. Neogen Co. has a fifty-two week low of $3.87 and a fifty-two week high of $18.58. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -2.35 and a beta of 1.57. The stock's 50-day moving average is $8.00 and its 200-day moving average is $11.20.

Neogen (NASDAQ:NEOG - Get Free Report) last released its earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.12 by ($0.02). The company had revenue of $221.00 million during the quarter, compared to analysts' expectations of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company's revenue for the quarter was down 3.4% on a year-over-year basis. During the same quarter last year, the business posted $0.12 earnings per share. On average, sell-side analysts anticipate 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 have commented on the company. Piper Sandler reduced their target price on Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 22nd. Guggenheim decreased their target price on shares of Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th.

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.