Fred Alger Management LLC Grows Stock Position in Neogen Co. (NASDAQ:NEOG)

Fred Alger Management LLC grew its stake in Neogen Co. (NASDAQ:NEOG - Free Report) by 86.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,986,744 shares of the company's stock after buying an additional 1,849,427 shares during the quarter. Fred Alger Management LLC owned approximately 1.84% of Neogen worth $67,017,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. William Blair Investment Management LLC increased its holdings in Neogen by 64.7% in the 2nd quarter. William Blair Investment Management LLC now owns 12,013,072 shares of the company's stock worth $187,764,000 after acquiring an additional 4,717,696 shares in the last quarter. Select Equity Group L.P. increased its stake in shares of Neogen by 23.1% in the second quarter. Select Equity Group L.P. now owns 15,530,439 shares of the company's stock worth $242,741,000 after purchasing an additional 2,914,893 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Neogen by 148.3% in the second 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. Shapiro Capital Management LLC bought a new stake in shares of Neogen during the 2nd quarter valued at $31,087,000. Finally, Conestoga Capital Advisors LLC lifted its stake in shares of Neogen by 24.5% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 8,706,224 shares of the company's stock valued at $146,352,000 after buying an additional 1,711,238 shares in the last quarter. Institutional investors own 96.73% of the company's stock.

Neogen Price Performance

NEOG traded up $0.04 during trading on Friday, hitting $14.18. 778,495 shares of the company traded hands, compared to its average volume of 1,899,635. The company has a market cap of $3.07 billion, a PE ratio of -128.91 and a beta of 1.23. Neogen Co. has a 1 year low of $11.46 and a 1 year high of $20.89. 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 stock's 50-day simple moving average is $14.96 and its two-hundred day simple moving average is $15.59.

Neogen (NASDAQ:NEOG - Get Free Report) last issued its quarterly earnings data on Thursday, October 10th. The company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.03). The firm had revenue of $217.00 million for the quarter, compared to analysts' expectations 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 quarter in the previous year, the business earned $0.11 EPS. As a group, sell-side analysts anticipate that Neogen Co. will post 0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Neogen news, CEO John Edward Adent acquired 14,500 shares of the company's stock in a transaction on Friday, October 11th. The stock was acquired at an average cost of $13.80 per share, with a total value 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 represents a 7.18 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.13% of the company's stock.

Analyst Upgrades and Downgrades

NEOG has been the topic of a number of recent analyst reports. Piper Sandler raised their price target on Neogen from $17.00 to $17.50 and gave the company a "neutral" rating in a report on Tuesday, August 6th. StockNews.com raised Neogen to a "sell" rating in a report on Monday, September 30th.

About Neogen

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.