Janney Montgomery Scott LLC cut its position in shares of Neogen Co. (NASDAQ:NEOG - Free Report) by 29.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 57,992 shares of the company's stock after selling 24,298 shares during the quarter. Janney Montgomery Scott LLC's holdings in Neogen were worth $704,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in Neogen by 142.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,982 shares of the company's stock worth $33,000 after buying an additional 1,165 shares during the period. Neo Ivy Capital Management acquired a new position in Neogen in the 3rd quarter valued at $66,000. Marco Investment Management LLC bought a new stake in Neogen in the 3rd quarter valued at about $169,000. Avanza Fonder AB bought a new position in Neogen during the 4th quarter worth $169,000. Finally, Raymond James Trust N.A. bought a new stake in Neogen during the third quarter worth about $182,000. Institutional investors own 96.73% of the company's stock.
Insider Buying and Selling at Neogen
In other Neogen news, CEO John Edward Adent purchased 23,035 shares of the stock in a transaction on Thursday, January 16th. The shares were bought at an average cost of $11.03 per share, with a total value of $254,076.05. Following the completion of the acquisition, the chief executive officer now owns 269,164 shares in the company, valued at $2,968,878.92. This trade represents a 9.36 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David H. Naemura bought 14,800 shares of the company's stock in a transaction dated Thursday, January 16th. The shares were acquired at an average price of $11.11 per share, for a total transaction of $164,428.00. Following the completion of the transaction, the chief financial officer now directly owns 61,434 shares in the company, valued at approximately $682,531.74. This trade represents a 31.74 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.13% of the stock is currently owned by corporate insiders.
Neogen Stock Down 2.5 %
NEOG stock traded down $0.26 during midday trading on Tuesday, hitting $10.16. The company's stock had a trading volume of 1,730,436 shares, compared to its average volume of 2,822,238. The firm's 50-day moving average is $11.95 and its 200-day moving average is $14.32. Neogen Co. has a 12 month low of $10.09 and a 12 month high of $18.58. The company has a market cap of $2.20 billion, a PE ratio of -4.64 and a beta of 1.23. The company has a current ratio of 3.77, a quick ratio of 2.46 and a debt-to-equity ratio of 0.33.
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 the consensus estimate of ($0.01) by $0.12. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The company had revenue of $231.30 million during the quarter, compared to the consensus estimate of $227.16 million. During the same quarter in the prior year, the firm posted $0.11 EPS. Neogen's quarterly revenue was up .7% compared to the same quarter last year. On average, equities research analysts forecast that Neogen Co. will post 0.38 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on NEOG. Guggenheim started coverage on Neogen in a report on Thursday, December 19th. They issued a "buy" rating and a $15.00 price objective for the company. Piper Sandler reissued a "neutral" rating and set a $13.00 price objective (down from $16.50) on shares of Neogen in a report on Tuesday, January 21st.
Check Out Our Latest Research Report on Neogen
About Neogen
(
Free Report)
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.
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