Pictet Asset Management Holding SA Buys 501,957 Shares of Neogen Co. (NASDAQ:NEOG)

Pictet Asset Management Holding SA increased its stake in Neogen Co. (NASDAQ:NEOG - Free Report) by 26.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,369,595 shares of the company's stock after purchasing an additional 501,957 shares during the quarter. Pictet Asset Management Holding SA owned approximately 1.09% of Neogen worth $28,767,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Connable Office Inc. raised its stake in shares of Neogen by 5.6% in the fourth quarter. Connable Office Inc. now owns 18,793 shares of the company's stock worth $228,000 after buying an additional 1,000 shares during the period. Inspire Advisors LLC grew its stake in shares of Neogen by 10.1% during the 4th quarter. Inspire Advisors LLC now owns 14,226 shares of the company's stock valued at $173,000 after acquiring an additional 1,304 shares during the period. Blue Trust Inc. increased its holdings in Neogen by 196.7% in the 4th quarter. Blue Trust Inc. now owns 3,368 shares of the company's stock worth $41,000 after acquiring an additional 2,233 shares in the last quarter. Harbour Investments Inc. bought a new stake in Neogen during the 4th quarter worth approximately $27,000. Finally, Commonwealth Equity Services LLC lifted its holdings in Neogen by 6.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 39,263 shares of the company's stock valued at $477,000 after purchasing an additional 2,267 shares in the last quarter. 96.73% of the stock is currently owned by hedge funds and other institutional investors.

Neogen Price Performance

NEOG stock traded down $0.33 during midday trading on Friday, hitting $7.80. The company's stock had a trading volume of 6,550,986 shares, compared to its average volume of 2,291,720. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. Neogen Co. has a 12 month low of $7.68 and a 12 month high of $18.58. The company has a 50 day moving average of $9.80 and a two-hundred day moving average of $12.50. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -3.56 and a beta of 1.57.

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Neogen (NASDAQ:NEOG - Get Free Report) last issued its earnings results on Friday, January 10th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of ($0.01) by $0.12. The firm had revenue of $231.30 million during the quarter, compared to analyst estimates of $227.16 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. Neogen's revenue for the quarter was up .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 earnings per share. On average, analysts expect that Neogen Co. will post 0.38 EPS for the current year.

Insider Activity

In other news, CEO John Edward Adent bought 23,035 shares of the stock in a transaction dated Thursday, January 16th. The stock was purchased at an average cost of $11.03 per share, for a total transaction of $254,076.05. Following the transaction, the chief executive officer now owns 269,164 shares of the company's stock, valued at $2,968,878.92. The trade was a 9.36 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David H. Naemura purchased 14,800 shares of Neogen stock in a transaction that occurred on Thursday, January 16th. The stock was acquired at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the transaction, the chief financial officer now directly owns 61,434 shares of the company's stock, valued at $682,531.74. The trade was a 31.74 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.13% of the company's stock.

Analyst Ratings Changes

NEOG has been the subject of a number of analyst reports. Guggenheim started coverage on shares of Neogen in a research note on Thursday, December 19th. They issued a "buy" rating and a $15.00 price objective for the company. Piper Sandler reiterated a "neutral" rating and issued a $13.00 price target (down previously from $16.50) on shares of Neogen in a research note on Tuesday, January 21st.

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.