T. Rowe Price Investment Management Inc. Acquires 1,521,560 Shares of Neogen Co. (NASDAQ:NEOG)

T. Rowe Price Investment Management Inc. lifted its stake in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 27.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,114,702 shares of the company's stock after buying an additional 1,521,560 shares during the period. T. Rowe Price Investment Management Inc. owned about 3.28% of Neogen worth $86,373,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of NEOG. Vanguard Group Inc. lifted its position in shares of Neogen by 9.8% during the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock valued at $262,676,000 after buying an additional 1,928,491 shares during the last quarter. Norges Bank bought a new stake in shares of Neogen during the 4th quarter worth $212,171,000. William Blair Investment Management LLC boosted its holdings in shares of Neogen by 8.1% in the 4th quarter. William Blair Investment Management LLC now owns 14,346,759 shares of the company's stock worth $174,170,000 after purchasing an additional 1,074,825 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Neogen by 24.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 6,939,984 shares of the company's stock valued at $84,254,000 after acquiring an additional 1,345,056 shares during the last quarter. Finally, Clarkston Capital Partners LLC bought a new position in shares of Neogen during the 4th quarter valued at $34,801,000. 96.73% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NEOG has been the subject of several analyst reports. Guggenheim dropped their target price on Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Piper Sandler dropped their price objective on Neogen from $6.40 to $5.00 and set a "neutral" rating for the company in a research note on Tuesday, April 22nd.

Neogen Trading Down 2.1 %

Shares of NASDAQ:NEOG traded down $0.11 during midday trading on Tuesday, hitting $5.03. 4,687,144 shares of the stock traded hands, compared to its average volume of 2,756,044. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $1.09 billion, a PE ratio of -2.30 and a beta of 1.57. Neogen Co. has a one year low of $3.87 and a one year high of $18.58. The business's 50 day moving average is $7.90 and its two-hundred day moving average is $11.14.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The business had revenue of $221.00 million during the quarter, compared to analysts' expectations of $225.27 million. During the same quarter last year, the business posted $0.12 EPS. The company's quarterly revenue was down 3.4% compared to the same quarter last year. As a group, research analysts forecast that Neogen Co. will post 0.38 earnings per share for the current year.

Insider Activity at Neogen

In related news, Director James C. Borel acquired 35,000 shares of the stock in a transaction on Thursday, April 24th. The stock was acquired at an average cost of $4.89 per share, for a total transaction of $171,150.00. Following the completion of the acquisition, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO John Patrick Moylan acquired 10,000 shares of the business's stock in a transaction on Thursday, April 10th. The shares were purchased at an average cost of $5.07 per share, for a total transaction of $50,700.00. Following the completion of the transaction, the chief accounting officer now owns 10,000 shares in the company, valued at approximately $50,700. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 67,500 shares of company stock worth $331,525 over the last quarter. Corporate insiders own 1.13% 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.