Neogen Co. (NASDAQ:NEOG) Position Decreased by King Luther Capital Management Corp

King Luther Capital Management Corp trimmed its holdings in Neogen Co. (NASDAQ:NEOG - Free Report) by 10.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,074,471 shares of the company's stock after selling 622,590 shares during the period. King Luther Capital Management Corp owned about 2.34% of Neogen worth $79,314,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Covestor Ltd raised its stake in Neogen by 173.2% during the first quarter. Covestor Ltd now owns 1,970 shares of the company's stock valued at $31,000 after buying an additional 1,249 shares in the last quarter. Innealta Capital LLC bought a new position in Neogen during the second quarter worth $46,000. Headlands Technologies LLC boosted its holdings in Neogen by 264.1% in the second 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 period. Family Firm Inc. bought a new stake in Neogen during the second quarter valued at $90,000. Finally, Quantum Private Wealth LLC acquired a new stake in shares of Neogen during the second quarter worth $156,000. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Stock Performance

NASDAQ:NEOG traded down $0.07 during mid-day trading on Friday, hitting $17.46. The stock had a trading volume of 742,103 shares, compared to its average volume of 1,986,654. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $20.89. The company has a current ratio of 3.82, a quick ratio of 2.59 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 1,753.00 and a beta of 1.21. The company has a 50 day simple moving average of $16.61 and a 200-day simple moving average of $15.20.

Neogen (NASDAQ:NEOG - Get Free Report) last posted its earnings results on Tuesday, July 30th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a negative net margin of 1.02% and a positive return on equity of 3.09%. The business had revenue of $236.80 million during the quarter, compared to analyst estimates of $225.83 million. During the same quarter in the prior year, the business earned $0.14 earnings per share. The firm's revenue was down 2.1% compared to the same quarter last year. On average, research analysts expect that Neogen Co. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. StockNews.com raised shares of Neogen to a "sell" rating in a research report on Friday, September 13th. Piper Sandler upped their target price on Neogen from $17.00 to $17.50 and gave the company a "neutral" rating in a report on Tuesday, August 6th.

Insider Activity at Neogen

In related news, Director James P. Tobin bought 3,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 6th. The stock was purchased at an average price of $16.86 per share, for a total transaction of $50,580.00. Following the transaction, the director now directly owns 23,392 shares of the company's stock, valued at approximately $394,389.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.71% of the company's stock.

Neogen 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.