Conestoga Capital Advisors LLC Purchases 1,711,238 Shares of Neogen Co. (NASDAQ:NEOG)

Conestoga Capital Advisors LLC increased its holdings in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 24.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,706,224 shares of the company's stock after purchasing an additional 1,711,238 shares during the period. Neogen makes up about 2.0% of Conestoga Capital Advisors LLC's holdings, making the stock its 20th biggest position. Conestoga Capital Advisors LLC owned 4.02% of Neogen worth $146,352,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Neogen by 0.9% during the first quarter. Vanguard Group Inc. now owns 19,715,974 shares of the company's stock valued at $311,118,000 after purchasing an additional 169,237 shares during the period. Select Equity Group L.P. grew its stake in Neogen by 23.1% in the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company's stock valued at $242,741,000 after acquiring an additional 2,914,893 shares during the period. William Blair Investment Management LLC increased its holdings in shares of Neogen by 64.7% during the second quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company's stock valued at $187,764,000 after acquiring an additional 4,717,696 shares in the last quarter. Bamco Inc. NY raised its position in shares of Neogen by 10.3% during the first quarter. Bamco Inc. NY now owns 7,304,967 shares of the company's stock worth $115,272,000 after purchasing an additional 680,668 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Neogen by 148.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,109,180 shares of the company's stock worth $64,229,000 after purchasing an additional 2,454,566 shares in the last quarter. 96.73% of the stock is currently owned by institutional investors.

Insider Transactions at Neogen

In other Neogen news, CEO John Edward Adent purchased 14,500 shares of the firm's stock in a transaction that occurred on Friday, October 11th. The stock was bought at an average cost of $13.80 per share, with a total value of $200,100.00. Following the completion of the transaction, the chief executive officer now owns 216,477 shares of the company's stock, valued at $2,987,382.60. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director James P. Tobin bought 3,000 shares of the company's stock in a transaction on Tuesday, August 6th. The shares were purchased at an average cost of $16.86 per share, for a total transaction of $50,580.00. Following the completion of the purchase, the director now directly owns 23,392 shares in the company, valued at $394,389.12. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO John Edward Adent purchased 14,500 shares of the firm's stock in a transaction dated Friday, October 11th. The shares were bought at an average price of $13.80 per share, with a total value of $200,100.00. Following the purchase, the chief executive officer now owns 216,477 shares in the company, valued at $2,987,382.60. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. StockNews.com upgraded shares of Neogen to a "sell" rating in a research note on Monday, September 30th. Piper Sandler upped their target price on shares of Neogen from $17.00 to $17.50 and gave the stock a "neutral" rating in a report on Tuesday, August 6th.

Neogen Stock Up 1.1 %

Neogen stock traded up $0.16 during trading on Friday, hitting $14.44. 1,190,663 shares of the company were exchanged, compared to its average volume of 1,918,213. The company has a current ratio of 4.41, a quick ratio of 2.79 and a debt-to-equity ratio of 0.28. The business's 50 day moving average is $15.63 and its 200 day moving average is $15.19. Neogen Co. has a 52 week low of $11.46 and a 52 week high of $20.89. The company has a market capitalization of $3.13 billion, a P/E ratio of -129.82 and a beta of 1.21.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its earnings results on Thursday, October 10th. The company reported $0.07 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $215.05 million. During the same quarter in the prior year, the company earned $0.11 EPS. The business's revenue for the quarter was down 5.2% on a year-over-year basis. Analysts predict that Neogen Co. will post 0.52 earnings per share for the current year.

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.